A plunge in global prices of crude oil, by nearly half since last June, has slashed India's import bill, making for a less worrisome trade deficit, despite a drop in exports in recent months.
               
That could be about to change, with policymakers and businesses fretting that weak foreign demand could torpedo Prime Minister Narendra Modi's globe-trotting 'Make in India' campaign to boost export-oriented investment.
               
Since winning power last May, Modi has visited major economies, including the United States, Japan, France, Germany and Canada, and set a goal of doubling exports to $900 billion over the next four years.
               
Annual figures published on Friday for the full fiscal year that ended in March showed merchandise exports declined 1.2 percent to $310.5 billion, while imports were down 0.6 percent, at $447.6 billion.
               
That widened the annual trade deficit for Asia's third-largest economy to $137 billion in the 2014/15 fiscal year from $135.8 billion in the preceding year, with the fall in net exports likely to hurt gross domestic product.

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