New Delhi: India's exports are expected to decline about 13 per cent to USD 270 billion in the current financial year due to global demand slowdown and fall in crude oil prices, a top official said on January 7. The country's merchandise exports had aggregated USD 310.5 billion last fiscal.
According to an official, Commerce Secretary Rita Teaotia in her presentation during an interaction with the industry chambers including CII and Ficci stated that it would be difficult for India's exports to exceed USD 270 billion. In 2008-09, the country's outbound shipments were less than USD 270 billion, according to exporters body Federation of Indian Export Organisations (FIEO). It was around USD 210 billion in 2008-09.
Teaotia has also stated that imports during the fiscal would stand around USD 390 billion. So the trade deficit would aggregate at USD 120-125 billion in 2015-16. During April-November this fiscal, exports declined by 18.46 per cent to USD 174.3 billion. Imports were USD 261.8 billion and trade deficit was USD 87.5 billion. The declining exports would have implications for the job market.
The numbers assume significance as recently the government had said that there is "no crisis" in India on the export front and there is "no need for alarm". "If exports of petroleum products are excluded, then the decline in exports is only 9.6 per cent in dollars," the ministry had said.
During the meeting, which was chaired by Commerce and Industry Minister Nirmala Sitharaman, chambers suggested ways to boost manufacturing, exports and overall economic growth. The Commerce Secretary had also apprised the chambers about the outcome of the recently WTO's Nairobi meeting.
