Commerce and industry minister Nirmala Sitharaman has expressed her delight over the positive growth in the export sector despite global trends such as fluctuating exchange rate and rising anti-globalization tide among nations.
In an interview with PTI, Sitharaman said, “I can see this as a clear indicator that our exporters are performing against all odds and showing their capacity to withstand any headwinds and the global situation.”
She made it clear that the government will ensure that the external sector does not face any negative impact due to implementation of the goods and services tax (GST), expected to roll out from 1 July. She also praised the exporters for performing well in spite of an unhealthy global economic environment. “I do not think that global situation has improved drastically. Even if there are green shoots that people are seeing and saying that there are prospects that world trade might improve, it is yet to be significantly felt by others,” she added.
She has also assured the Federation of Indian Export Organisations that their concerns on the impact of GST will be addressed by the GST council headed by finance minister Arun Jaitley. “We are trying to see how best other alternatives of dealing with revenue concerns as regards to exports can be handled without making it cumbersome for exporters,” she said.
India shipped $261 billion worth of goods around the globe in 2016, up by 47.7 per cent since 2009 when the ‘great recession’ kicked in but down by -1.3 per cent from 2015 to 2016. India’s top 10 exports which include gems, vehicles, and pharmaceuticals accounted for 59.4 per cent of the overall value of its global shipments.
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