Exports drop in Apr-June quarter, says Sharma

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fe Bureau: New Delhi, Jul 13 2012, 00:59 IST

Subdued demand for merchandise in Western markets led to a 2% decline in India’s exports in the first quarter of the current fiscal, commerce and industry minister Anand Sharma said on Thursday. “Overall, my information is that for the quarter of April-June, the decline will definitely be less than 2%. This is manageable because the benefits of the steps we have taken will kick in. It will take time,” he said a day before commerce secretary is expected to release the export figures for June and the first quarter.

The export shipments in April-May of 2012-13 stood at $50.13 billion. The government is looking at exports of $360 billion in the current fiscal against $303 billion in 2011-12.

He added that senior ministry officials including the commerce secretary and the Director General of Foreign Trade (DGFT) would visit different centres in the country from where exports take place.

“Senior officials will be visiting the locations from where the exports are taking place to see that how we can ensure that smooth transactions are there, and hurdles if any, are removed, because, sometimes delays and transaction cost lag make our exports less competitive,” he added.

Expressing concern over deceleration of annual industrial growth in May, he said: “We will urge the RBI to revisit this issue (interest rates) to ensure that capital is available to the industry. Given the slowdown there is every justification to ensure that Indian industry remains competitive and the manufacturing grows.”

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