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India\'s export dips by 14.8 pc: Anand

Business / 2012-08-15


New Delhi: Indian Union Minister of Commerce, Industry and Textiles Anand Sharma noted that the export performance in July 2012 is worrisome as exports have dipped by 14.8pc as compared to last year.

The Minister Tuesday, reviewed the export performance with the Export Promotion Councils and Chambers of Commerce and Industry in the backdrop of a visible slow down in exports.

According to Sharma, the first four months of the current financial year have seen exports reaching USUSD 97.6 billion as compared to USUSD 102.8 billion during the same period last year.

A sectoral assessment was made on the sectors which are facing critical slow down and clearly the labour intensive sectors like handicrafts, textiles and gems and jewellery have been adversely affected by this slow down.

Anand pointed out that the prolonged crisis in the Euro Zone had cast a long shadow on the exports and the measures taken in June are likely to have an impact beginning September.

He said, “I have said earlier that the various incentives that we have announced and the sector-specific thrust, the support that has been given to the SMEs and some major sectors, which are labour-intensive, handloom, handicraft, readymade garments, through interest subvention and other support measures.

"We hope that there will be a turnaround by the month of October, September-October, by the time we enter October, we hope that we will be able to bring about a positive improvement and enter a strong positive territory.”

The Minister explained that efforts are on to bring down the transaction cost.

"All the major ports and airports will be functioning 24X7 when it comes to exports. We have discussed this with the Central Board of Excise and Customs."

The issue of procedural simplifications was also discussed in the meeting.

Sharma asserted that the Commerce Secretary, DGFT and the senior officers of Commerce Department have been directed to hold regional consultations with the State Governments and the exporting community and the process of consultations be initiated.

Commerce Secretary has already held consultations in Kolkata, Mumbai, Hyderabad and Chennai and similar consultations have already been held in Ahmedabad and Cochin.

“There will be monthly trade facilitation meetings between the Commerce Secretary, DGFT, our regional DGFT offices and the export councils. We will be monitoring this very closely,” added the Minister.
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