The country’s merchandise exports have reached $14.34 billion (about Rs 66,680 crore) in January, up 11.5 per cent from $12.86 per cent (nearly Rs 59,800 crore) in the same month a year ago, even as Commerce and Industry Minister Anand Sharma has recommended a “cautious” exit from export sops.
“Exports have again registered growth in January as some of the sectors did exceedingly well … However, a cautious withdrawal would help and reassure the industry. Any abrupt changes would undermine the confidence and robust recovery,” Sharma told reporters here today.
The official foreign trade data, including the import figures, would be released on March 2. Preliminary data had earlier put the export growth for January at 8 per cent.
Among the sectors that posted growth were agricultural products, tea, coffee, basmati rice, marine products, gems and jewellery, drugs, petroleum products and plastics, while textiles, jute, handicrafts, engineering goods and leather remained sluggish, Sharma added.
“I am having a series of meeting with the finance minister regarding continuation of the stimulus measures. A proper analysis is underway and I am sure our proposals will be taken care of,” the minister said.
Earlier, Commerce Secretary Rahul Khullar had also said exporters should not expect more and more assistance from the government and focus on expanding their markets with a wide range of products.
Exports started dropping since October 2008 as the global economic downturn worsened. It fell as low as around 40 per cent during April-May last year. “As the world economy emerges from the current recession, the government will have to take a decision to exit from the economic stimulus measures, including those that were aimed at boosting exports. The paramount reason for this is not so much the vulnerability of subsidised exports to countervailing action as the need to reduce fiscal deficit,” said Anwarul Hoda of the Indian Council for Research on International Economic Relations.
Exports grew by 18.2 per cent at $11.16 billion and 9.3 per cent at 13.36 billion in November and December, respectively. Total exports for 2009-10 is expected to be $165-170 billion.
