India’s exports for 2009-10 fell short than the previous year by USD 15 billion. Commerce and Industry Minister Anand Sharma said that because of global economic downturn the exports may cross USD 170 billion. This figure is less by 15 billion compared to last year’s export of USD 185 billion. Mr.Anand Sharma said, “”Though I sincerely hope that it (exports in 2009-10) turns out to be well in excess of USD 170 billion, we can expect a shortfall.” The official trade data for 2009-10 is likely to be released later this week.
Exports were down for the past 13 months and were at its worst in May 2009 when it dipped by 39 percent. Though the exports showed positive growth between December and February, the growth was not significant to cover the losses made during the previous months. Government’s stimulus package and policy interventions like interest subsidy for exporters, more sops like market-linked incentives have helped exporters counter the global demand slowdown. Exports increased by 34.8 percent to USD 16.09 billion in February 2010 when compared to USD 11.94 billion during the same period last year.
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