Indian exports have grown for the second consecutive month this fiscal in December, the Commerce and Industry Minister, Mr Anand Sharma, said.
Speaking to reporters on the sidelines of BANCON, Mr Sharma said in December, exports stood at $14.6 billion. This is a 15 per cent growth over $12.7 billion in December 2008.
Exports had grown at a positive rate in November 2009 after having grown at a negative rate for 13 consecutive months.
In November, exports had grown by 18 per cent to $13.2 billion.
“In the last quarter, we have been able to narrow the gap. Even though we are still to recover from the losses due to 13 months of negative growth (in exports), we are hopeful of maintaining the momentum,” said Mr Sharma.
However, he warned against complacency saying that growth is mainly due to the low base.
Among the sectors, pharma, engineering and locomotives are doing well, Mr Sharma said.
Review of sectors
He said the Ministry had finished a review of sectors to see how they had benefited from the Government's stimulus packages. The Government could consider suitable support to certain specific sectors that are under stress.
“The review results and further measures will be announced on January 12 (tomorrow),” Mr Sharma said.
When asked whether there is a need to import rice and wheat to ease the rising prices, Mr Sharma said their supply is adequate and if needed the buffer stocks can be used.
But he said there is a shortage of pulses and sugar. With good prospects of the Rabi crop, he was hopeful that the pressure on the prices would ease.
Withdrawal of stimulus
He said the Government will have to be careful while deciding the timing of the withdrawal of the stimulus package. ‘‘We have to ensure sustained strong growth. Then we can withdraw. It should not be abrupt,'' he said.
Source : Business Line