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Encouraged by the improved performance of exports in May, the Government is optimistic that outbound shipments will now rise "slowly and steadily’’ propelled by additional incentives.
“It is a time when help will have to be extended in the form of interest subvention or in the form of any kind of incentives for exports. We have been looking at (the need to extend incentives) sectorally,” Commerce & Industry Minister Nirmala Sitharaman told reporters on Friday.
The Minister said that the export data for May posting a 0.79 per cent fall indicated that the fall in exports had been arrested. "The bottoming out has happened. From now, it will be a slow recovery and a steady pick-up," she said.
India's goods exports declined for the 18th consecutive month in May at $22.17 billion, down 0.79 per cent in dollar terms. In 2015-16, exports had fallen 15.85 per cent to $ 261.13 billion—the second year of fall.
Replying to questions on the 20 per cent customs duty on sugar exports, Sitharaman said the move would help in increasing availability of the commodity in the domestic market. “We do not want any speculative rise in the prices of sugar. In order to make sure that there is enough sugar available for the Indian market, this step has been taken ,” she said.
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