India's exports in January contracted a sharp 16 percent and are expected to fall for the next two months, a senior official said, as a deepening global slump slashes away at demand for its goods and services.
Exports, which make up close a fifth of Asia's third-largest economy, will have fallen for four months in a row if the estimates of the Director General of Foreign Trade, R.S. Gujral, prove to be correct, after years of speedy growth.
"I think in the current environment there will be decline (in exports). I would expect so in Februrary and March also," Gujral said.
Official trade data for January is scheduled to be released on Monday.
Since October, India has cut interest rates, slashed duties and increased subsidies for exporters to protect growth and jobs.
Yet export lobby groups have been seeking more incentives to help firms cut losses and retain jobs.
Last year, India set an export target of $200 billion for the year to March, riding on robust global trade flows and a series of trade pacts with developed nations.
India's exports in January contracted a sharp 16 percent and are expected to fall for the next two months, a senior official said, as a deepening global slump slashes away at demand for its goods and services.
Exports, which make up close a fifth of Asia's third-largest economy, will have fallen for four months in a row if the estimates of the Director General of Foreign Trade, R.S. Gujral, prove to be correct, after years of speedy growth.
"I think in the current environment there will be decline (in exports). I would expect so in Februrary and March also," Gujral said.
Official trade data for January is scheduled to be released on Monday.
Since October, India has cut interest rates, slashed duties and increased subsidies for exporters to protect growth and jobs.
Yet export lobby groups have been seeking more incentives to help firms cut losses and retain jobs.
Last year, India set an export target of $200 billion for the year to March, riding on robust global trade flows and a series of trade pacts with developed nations.
Source : Reuters India