STOCK MARKET BSE NSE

Hope That Worst Phase for Indian Exports is Over: Nirmala

Expressing hope that the worst phase for Indian exports is over, the government said overseas shipments may now enter the positive territory.

Published: 04th May 2016 11:50 PM  |   Last Updated: 04th May 2016 11:50 PM   |  A+A-

Nirmala Sitharaman
By PTI

NEW DELHI: Expressing hope that the worst phase for Indian exports is over, the government today said overseas shipments may now enter the positive territory.

Commerce and Industry Minister Nirmala Sitharaman said that the declining trend in exports was tapering off in recent months.

"We hope that the worst phase for Indian exports is over and we will move on to the positive (zone) from here onwards," she said at a function of the Federation of Indian Export Organisations (FIEO) here.

Declining for 16th straight month in March, exports contracted by 5.47 per cent to USD 22.71 billion in the month as shipments of petroleum and engineering products shrunk sharply due to tepid global demand.

For whole 2015-16 financial year ended March 31, exports declined by 15.8 per cent to five-year low of USD 261.13 billion.

The exports, which declined 24.4 per cent in November 2015, however contracted by 5.47 per cent in March.

The minister also said that there is an important need to focus on standards of the products and services exported by traders.

She said that now a days during any bilateral talk on trade related issues, negotiations focus on standards of products and processes. "Negotiations are now more hinging on standards."

Sitharaman said that the global dip in trade would impact India's exports also.

"Government is not sitting. It is doing lot of things (to promote exports). We are continuously trying to interact with the industry so that we can do something," she added.

She said that two main challenges are - meeting the international standards and linking with the global value chain.

Speaking at the occasion, Commerce Secretary Rita Teaotia said, "Our agenda now is to support services exports".

She too asked the industry to focus on standards to enhance competitiveness in the world markets.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp