The positive growth witnessed in Indian exports since November 2009 continued in December too, thereby bringing cheer to SMEs engaged in the sector. With export figures for the last month of 2009 recording an annual growth of 9.3% to touch US$14.6 billion, there are strong indications that the global trading sentiment is stabilising and the market is heading for a turnaround. On the recovery road According to the official export data, exports from India were valued at US$14,606 million in December 2009, as compared to US$13,368 million recorded in the same period last year. However, cumulative exports for the first three quarters of 2009-10 stood at US$1,17,587 million, as against US$1,47,569 million in the corresponding period last year, thereby reflecting a negative growth of 20.3%. “Exports remained grim in the first two quarters of 2009-10 as the global demand continued to remain sluggish for the said period. However, it picked up momentum only in November 2009, on account of the recovery in consumption spurred by the festive season,” said Anirban Ghosh, proprietor of Kamal Engineering Works, a small-sized engineering firm in Kolkata. Furthermore, the Federation of Indian Export Organisations (FIEO) is hopeful that pick-up in export growth will continue till March 2010, thereby helping SME exporters to gain the lost momentum. “As chief export markets of India show discernible signs of recovery, the export sector is also likely to post good growth figures in the coming few months,” said N Maheshwari, proprietor of Ambika Synthetic Mills, a small-sized textile exporting unit in Kolhapur, Maharashtra. Increasing attempts made by Indian exporters to diversify export markets, coupled with the resurgence of global economies is further expected to push up export growth figures in the coming few months. For more detail on Business Directory log on to http://www.bizxchange.in/
Songa Offshore ASA (Songa Offshore) is an independent offshore drilling company. The company along with its subsidiaries is engaged in the operating and marketing of offshore drilling rigs. Songa Offshore’s areas of operation are Houston in the US, Singapore, Equatorial Guinea and Australia. The company is headquartered in Oslo, Norway. The company has 17 subsidiaries which are involved in the offshore drilling operations. The company along with the subsidiaries owns four semi submersible drilling rigs and a drill ship operated by the company.