Indian Govt To Extend Sops For Exporters.

Commerce Minister Anand Sharma hinted that the administration may broaden sops for the exporters who are still reeling under the impact of the worldwide crisis.

Releasing the twelve-monthly trade data, Mr. Sharma said, "Some sectors continue to be hurt badly like engineering, electronic goods, handicrafts and carpets. The Directorate General of Foreign Trade along with commerce ministry officials will do the sectoral reviews to find out whether more steps are needed to be taken for the sectors that are getting hurt. The review will be completed by July."

India's merchandise exports arose 54% during March 2010 to $19.9 billion, but the value of the outward shipments declined by 4.7% to $176.5 billion for 2009-10, mainly because of the worldwide slump.

In March 2009, the exports figure was $12.9 billion and in 2008-09 at $185.3 billion.

The export figures remained negative for 13 consecutive months, beginning October 2008. They started turning positive during November 2009.

On the exports front, the segments that were in the red comprised engineering, electronics, handicrafts, carpets and cotton yarn, whereas the zones that recorded a positive development in 2009-10 were marine products, iron ore, tea, tobacco, fruits and veggies and man-made fibre.

Mr. Rahul Khullar, Commerce Secretary stated that the "looming economic crisis" in Europe and the contraction in exports from certain segments may have adverse impact on exports in the coming months.

The administration has set a goal of $200 billion-worth merchandise exports for 2010-11, the minister said, adding that the country wants to double its exports by the year 2014 from the existing levels.

Source : Top News