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India stares at 13% fall in exports in 2015-16
08
Jan '16
India's exports are expected to decline about 13 per cent to $270 billion in the current financial year due to global demand slowdown and fall in crude oil prices, a top official has said. The country's merchandise exports had aggregated $310.5 billion last fiscal.

According to an official, Commerce Secretary Rita Teaotia in her presentation during an interaction with the industry chambers including CII and Ficci stated that it would be difficult for India's exports to exceed $270 billion. Teaotia also said that imports during the fiscal would stand around $390 billion. So the trade deficit would aggregate at $120-125 billion in 2015-16, according to an agency report.

During April-November this fiscal, exports declined by 18.46 per cent to $174.3 billion. Imports were $261.8 billion and trade deficit was $87.5 billion.

The declining exports would have implications for the job market. The numbers assume significance as recently the government had said that there is "no crisis" in India on the export front and there is "no need for alarm".

During the meeting, which was chaired by Commerce and Industry Minister Nirmala Sitharaman, chambers suggested ways to boost manufacturing, exports and overall economic growth. (SH)

Fibre2Fashion News Desk - India

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