India’s exports, which were on a decline for close to one-and-a-half years, have started picking up slowly in the past two months, Commerce Secretary Rita Teaotia said today.
“Our exports have been on a downhill drive for close to one and half years. So this is a reflection of the global slowdown across the world and also the variations in the commodity prices,” said Teaotia.
“Petroleum prices have come down. Commodity prices have been moderating. The third area is some currencies have devalued and that again affect the level of our exports,” Teaotia told reporters.
“Nevertheless, we have begun to see that the growing of market that we ourselves have. Our policies now beginning to kick in, we are seeing that last couple of months actually have seen narrowing of margins exports slowdown and marginal increase in several of the commodities. So we hope that we have turned the corner and we should see an uptick in exports. I do not want to predict as it is contingent on so many things in the world,” she said.
Teaotia was in the city to deliver a lecture at Administrative Staff College of India.
Replying to a query, she said that concluding trade agreements with other countries is a “complex one” and the country needs to look into all aspects.
On Britain exit from European Union, she said, “India has to recalibrate its position with regard to the ongoing negotiations with EU as our lines of interest of both the parties (India and EU) may be modified.”
“So, both of us will need to assess our positions. But we are certainly interested to engage with Europe and were certainly interested to engage with UK also,” she said.
Earlier in her address, she said India has so far concluded 16 trade agreements and is in the negotiating or reviewing with 19 other countries.