India's exports growth is likely to improve in the coming months as measures taken by the Government have contributed to arresting the rate of decline in the last few months, said the Commerce and Industry Minister, Mr Anand Sharma.
Replying to a question in the Rajya Sabha, the Minister said, “The progressive reduction in the decline indicates that while the impact of global recession is still continuing on our exports, the steps taken by the Government and the RBI are contributing to arrest the steep decline in exports. The Government expects the position to improve further in the coming months.”
India's merchandise exports fell year-on-year for the 13th consecutive month in October to $13.19 billion.
Exports were down 6.6 per cent on year during the month. The rate of decline in exports has come down from 33.2 per cent in April to 6.6 per cent in October.
Recession-hit
The Minister said sectors such as handicraft, handloom and gems and jewellery suffered badly due to recession and witnessed job crunch between October 2008 and March 2009.
Mr Sharma said he expects merchandise and services growth at $200 billion by 2011, and double from the current levels by 2014. Replying to another question in the Rajya Sabha, the Minister of State for Commerce and Industry, Mr Jyotiraditya M. Scindia, said the Government is closely monitoring exports and is committed to reviving growth in the sector.
“Government is closely monitoring the trend in exports growth and the export potential, and is reviewing the progress on a continuous basis. Accordingly, need-based appropriate measures are taken, keeping in view the financial implications,” he added.
Source : Business Line