India's September exports growth gives hope, says Nirmala Sitharaman
Indian exports grew at 4.62 percent in September to revive hope among the country`s exporters struggling against depressed global demand, Commerce Minister Nirmala Sitharaman said on Monday.
New Delhi: Indian exports grew at 4.62 percent in September to revive hope among the country`s exporters struggling against depressed global demand, Commerce Minister Nirmala Sitharaman said on Monday.
"So, there is hope. There is definitely prospect for our exporters struggling and also performing in a very difficult situation," Sitharaman said at the inauguration of the 36th India International Trade Fair (IITF) here.
Signalling a clear reversal in the otherwise continuous decline in Indian exports, official data last month showed September exports at $22.88 billion grew 4.62 percent over exports recorded in the same month last year at $21.87 billion, buoyed by good performance in sectors such as engineering and gems and jewellery.
Sitharaman said Foreign Direct Investment (FDI) into the country grew by over 30 percent to $21.62 billion during the first half of the ongoing fiscal on account of the government`s policies.
"Because of the government policies, which are very clear and not discretion-driven, the FDI has improved, the flow of capital into the country has improved," the minister said.
"India has clearly sustained its image in the last two and a half years as a shining star, is performing and showing the growth required, and actually proving as the engine of the global growth itself," she added.
Sitharaman said there will be a lot of successful economic activity during the annual IITF from November 14-27, inaugurated by President Pranab Mukherjee earlier in the day.
According to the organisers, over 7,000 firms from India and overseas are participating in the fair.
Last year, the event saw a footfall of over 1.7 million, including about 37,000 business visitors -- an increase over the 1.4 million attendance in 2014. About 283 overseas exhibitors from 26 countries displayed their products at the fair, according to state-run India Trade Promotion Organisation.