New Delhi: India's exports, contracting
since last October due to global meltdown, are likely to enter
the positive zone by December, Minister of State for Commerce
and Industry Jyotiraditya Scindia said on Wednesday.
"A U shaped formation is being seen (and) in my opinion
exports are likely to enter the positive territory by
December-January," Scindia told reporters at the sidelines of
the 48th Annual Session of Cement Manufacturers' Association
here.
Scindia said exports were increasing on a monthly basis.
The country's outward shipments increased to USD 14.2 billion
in August from USD 10.7 billion in April.
The downslide was also arrested to 19.4 percentage points
in August from 33.2 per cent in April as the demand for
merchandise picked up in global markets ahead of Christmas.
The exports data for September would be announced next
month.
For the April-August period of the current fiscal, the
shipments dropped by 31 per cent to USD 64.12 billion.
The government has announced several sops for exporters
who contribute about 17 per cent to the country's gross
domestic product. These included interest subsidy of two
per cent on bank finance.
Bureau Report
First Published: Wednesday, October 21, 2009, 15:06