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Rediff.com  » Business » Govt taking steps to arrest exports decline: Scindia

Govt taking steps to arrest exports decline: Scindia

June 01, 2009 12:30 IST

The government is taking steps to arrest the downslide in exports, minister of state for commerce and industry Jyotiraditya Scindia said on Sunday after taking charge.

"Our target is to make sure that at least we have flat growth in exports," Scindia told reporters.

There are a number of key issues such as revival of the manufacturing and exports sectors that need to be focused upon, he said.

Hit by demand slowdown in the major markets of the US and Europe, India's exports grew by a meagre 3.4 per cent to $168.7 billion in 2008-09 over $163 billion in a year ago period.

Scindia said there are a number of ideas that would be implemented through the new Foreign Trade Policy, to be unveiled in August.

He further said drafts of several free trade agreements, including with ASEAN and South Korea, would be taken up to the Cabinet for approval. However, Scindia said, the FTA with the European Union may take more time.

India's economy is growing at a much slower pace. In 2008-09, the GDP growth dropped to 6.7 per cent against nine per cent in the previous fiscal.

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