Fresh export aid pack next week
Export of goods from India registered an over 10% decline in November this year, the second time in a row, even as the government is readying another stimulus package for exporters, likely to be announced next week.
By ET Bureau |
NEW DELHI: Export of goods from India registered an over 10% decline in November this year, the second time in a row, even as the government is readying another stimulus package for exporters, likely to be announced next week. Commerce & industry minister Kamal Nath has said more sops are in store for labour-intensive sectors including engineering, textile and agro products.
Initial estimates of export figures in November by the commerce department has confirmed apprehensions that the decline in exports was likely to continue for months to come. ���Things would probably get worse from this. The first quarter of the next fiscal will be especially hard for exporters,��� a senior commerce department official, who did not wish to be identified said.
Export growth ventured into negative territory in October this year after a gap of five years, dipping by 12% over exports in October 2007. While Mr Nath confirmed a slowdown in exports in November, he did not officially announce the figures.
Announcing that the second installment to the incentive package announced last Sunday was likely next week, Mr Nath said the effort to help the export sector would go on. ���The package that was announced (on Sunday) was not a full and final package. We will keep looking at different sectors, particularly import generating sectors, offer them incentives and see that their credit needs are met,��� the minister said.
The government is looking at the engineering sector, textile sector and agriculture sectors and is also seeking to provide greater re-finance facility to exporters, he said.
The government has already announced a stimulus package, estimated at over Rs 30,000 crore, which includes a 4% reduction in excise duty across the board and an over Rs 2,000-crore package for exporters.
Initial estimates of export figures in November by the commerce department has confirmed apprehensions that the decline in exports was likely to continue for months to come. ���Things would probably get worse from this. The first quarter of the next fiscal will be especially hard for exporters,��� a senior commerce department official, who did not wish to be identified said.
Export growth ventured into negative territory in October this year after a gap of five years, dipping by 12% over exports in October 2007. While Mr Nath confirmed a slowdown in exports in November, he did not officially announce the figures.
Announcing that the second installment to the incentive package announced last Sunday was likely next week, Mr Nath said the effort to help the export sector would go on. ���The package that was announced (on Sunday) was not a full and final package. We will keep looking at different sectors, particularly import generating sectors, offer them incentives and see that their credit needs are met,��� the minister said.
The government is looking at the engineering sector, textile sector and agriculture sectors and is also seeking to provide greater re-finance facility to exporters, he said.
The government has already announced a stimulus package, estimated at over Rs 30,000 crore, which includes a 4% reduction in excise duty across the board and an over Rs 2,000-crore package for exporters.
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