Imports fell by 34% to $15.56b in March from a year earlier due to a slowdown in Asia's third largest economy and average global crude oil prices , narrowing the trade deficit to $4b in March from $6.32b a year ago.
Institute of Economic Growth economist N.R. Bhanumurthy
"The impact of global economic crisis on India is going to be higher in 2009/10 compared to 2008/09.
"After achieving a robust growth for four consecutive years, India's export growth started showing negative trend since October 2008 and is expected to continue for the rest of the year due to recessionary situation in most industrialised nations," he said.