1. Hope worst phase for Indian exports over: Nirmala Sitharaman

Hope worst phase for Indian exports over: Nirmala Sitharaman

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

By: | Published: May 4, 2016 11:17 PM
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." (PTI) 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.” (PTI)

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.

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  1. K
    Kaipulla
    May 6, 2016 at 2:33 pm
    What food products india is exporting ? , India is just a market and TFA agreement was signed by india in dec 2015 is a Betrayal and a historic flaw. India doesn't need to be a member of WTA and there is no need for it to sign such a $tupid agreement destroying itself. US had cleverly pla its cards " Control energy you control countries , control food you control people!" - today US can control our energy and food as well , literally this agreement edged farmers out of their business - It is certainly a "Bali agreement" - Bali is india's farmers and agriculture. Food is going to be with waitrose,tesco & wallmart and india once again had become a slave country and a colony to US & UK . Generations to come will not forgive BJP & congress for this betrayal. May the curse of our ancestors fall on those leaders and their families and let them suffer and die a painful death!
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