The Financial Express cited Mr Anand Sharma commerce and industry minister as saying that the worst for Indian exports, which are in the negative territory since October 2008 due to the global recession, seems to be over.
The contraction in exports following recession in major markets in the US and Europe was 29.2% in May, while it was 33.2% and 33.3% in April and March, respectively.
Mr Sharma said “The steps taken by the Government has helped the embattled exporters and the contraction in overseas sales is bottoming out. In the last 3 months, I have looked at the figures, looked at the projections surely the worst appears to be over."
The Government quoted measures like 2% interest subsidy, enhanced insurance cover and service tax exemption on foreign agent commission.
In the Budget 2009, too, the Centre announced more measures like enhanced allocation for Market Development Assistance scheme and abolition of fringe benefit tax. India's exports were estimated at USD 168.70 billion in 2008-09 showing an increase of 3.4% over the previous fiscal, largely because of a good showing in the first 6 months of FY 2009.