Global trade rises 54% in last five years in India

India's global trade in services and goods has risen phenomenally in the last five years to constitute over 54 per cent of its gross domestic product. According to the official data released in New Delhi , in 2003-04, the India's exports and imports in both services and merchandise in relation to its GDP was only 30.9 per cent and now crossed well over half the size of the Indian economy. A Finance Ministry paper on the state of the economy said, this reflects India's greater integration with the world economy. The Paper said, in the last 4-5 years India's exports and imports are growing phenomenally and this is a proof of country's greater openness.