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Exports to stabilise by April – Chairman, AEPC
22 Jan '10
2 min read
Minister of State for Commerce, Jyotiraditya Scindia while addressing the press at the inaugural function of the 'India International Garment Fair', told that while anticipating the fall in overall exports by 8 percent to $165-170 billion in current financial year, the government should extend support to the exporters for an extended period.
The minister expressed a hope that India's merchandise exports will linger in the range of $165-170 billion in spite of the fact that, importers in the West are struggling to keep up in times of recession.
The optimism was backed by the revised data released by the government revealing that the aggregated exports in the previous fiscal 2008-09 was $185 billion, making it possible to achieve the target of $200 billion in forthcoming two fiscals.
He also informed regarding the turnaround in gems and jewellery and other sectors. A stimulus package which included extra duty refunds and interest subsidy was given to the exporters, to help them face the impact of the slowdown in developed economies.
Garment sector had witnessed a downturn since October 2008 and a decline for 13 consecutive months. During April–November, the sector recorded a decline of around 7 percent to $6.16 billion. Exports once again bounced back positively November onwards, when it grew by 18.2 percent and 14 percent in December.
Premal Udani, Chairman of Apparel Export Promotion Council, said that there has been a hike in garment exports. He also said that, the domestic exports are expected to stabilize by April owing to the improvement of American and European markets which jointly account for 70 percent of India's garment exports.
The minister expressed a hope that India's merchandise exports will linger in the range of $165-170 billion in spite of the fact that, importers in the West are struggling to keep up in times of recession.
The optimism was backed by the revised data released by the government revealing that the aggregated exports in the previous fiscal 2008-09 was $185 billion, making it possible to achieve the target of $200 billion in forthcoming two fiscals.
He also informed regarding the turnaround in gems and jewellery and other sectors. A stimulus package which included extra duty refunds and interest subsidy was given to the exporters, to help them face the impact of the slowdown in developed economies.
Garment sector had witnessed a downturn since October 2008 and a decline for 13 consecutive months. During April–November, the sector recorded a decline of around 7 percent to $6.16 billion. Exports once again bounced back positively November onwards, when it grew by 18.2 percent and 14 percent in December.
Premal Udani, Chairman of Apparel Export Promotion Council, said that there has been a hike in garment exports. He also said that, the domestic exports are expected to stabilize by April owing to the improvement of American and European markets which jointly account for 70 percent of India's garment exports.
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