Expecting exports to fall by 8 per cent to $165-170 billion this fiscal, Minister of State for Commerce Jyotiraditya Scindia today said the government needs to support exporters for some more time.
"I think we need to support the export industry for a while longer," he told reporters after inaugurating the 'India International Garment Fair' here.
The minister said despite exporters battling a downturn in the West, India's merchandise exports would be in the region of $165-170 billion.
Exports aggregated to $185 billion in 2008-09, as per the revised government data.
Scindia, however, said "the target of $200 billion for the next two fiscals is achievable". There is a turnaround in sectors like gems and jewellery and others, he added.
After falling for 13 months in a row, exports have turned positive since November. They grew by 18.2 per cent in November and 14 per cent in December.
Exporters were given a stimulus package which included interest subsidy and extended duty refunds to the sector.
Apparel Export Promotion Council Chairman Prem Udani said, "The demand for garments exports has improved... Our exports would be able to stabilise by April this year as markets are improving in America and Europe."
Garments exports had started declining in October 2008 and registered a fall over 7 per cent to $6.16 billion during April-November 2009-10.
The US and European Union together account for 70 per cent of India's garment exports.
Source : Business Standard