In the year-end review, the commerce and industry ministry said that there are positive indications of recovery of exports of specific products.
According to the review, in October 2009, improvement in export performance has been observed in spices, cashew, oil meals, fruits & vegetables, marine products, tobacco and drugs over the corresponding month of the previous year.
It is further expected that export will record a positive growth towards the end of the 3rd quarter or the beginning of the 4th quarter of the current financial year (2009-10). Anand Sharma, union minister of commerce & industry, said, “During the first half of the current year continues to be negative though the deceleration is progressively slower. The intensity of the decline in exports to -6.6 per cent in October ‘09 from a level of -35.5 per cent in April ‘09 is encouraging.”
India’s merchandise exports reached a level of $182.6 billion in 2008-09 from a level of $63.8 billion in March 2004, recording a compounded annual growth rate (CAGR) of 23.4 per cent. Even during the current economic meltdown, SEZs have registered an impressive growth in export, investment and employment generation.
Source : fnbnews.com