Merchandise exports in 2009-10 to be over $170 billion (Lead)
May 4th, 2010 - 9:29 pm ICT by IANSNew Delhi, May 4 (IANS) Commerce Minister Anand Sharma Tuesday said India’s merchandise exports will be over $170 billion in 2009-10.
“There will certainly be shortfall (compared to previous year) in exports due to the global meltdown. We expect the exports to be over $170 billion in 2009-10,” he told reporters here on the sidelines of an event organised by the Federation of Indian Chambers of Commerce and Industry.
India’s exports in fiscal 2008-09 stood around $185 billion.
“After falling for so many months, the exports have started recovering. During December-February period, there was a good growth but we should remember that we are competing with a low base,” he said.
“We have expanded beyond the traditional export markets and with market expansion and diversification, we will be able to raise the exports in future.”
India’s merchandise exports grew 34.8 percent to $16.09 billion for the fourth consecutive month in February and could be over $200 billion in the current fiscal, he added.
On reviewing the foreign direct investment (FDI) norms for the banking sector, the minister said the government will not “revisit” the policy.
“We are very clear, we will not revisit the norms and policy,” he said.
According to the new policy brought about by the government in February, an Indian bank in which a foreign investor holds 51 percent stake or more is considered a foreign bank.
Banks like ICICI and HDFC, which fall under this category, have sought clarifications from the finance ministry on the policy.
- Merchandise exports in 2009-10 to be $170 billion - May 04, 2010
- India looking for FDI in sectors attracting technology - Apr 26, 2010
- India's trade minister sees higher economic growth - Apr 01, 2010
- Exports jump 54 percent in March; dip 4.7 percent for 2009-10 - May 10, 2010
- India's exports rise 34.8 percent in February - Mar 31, 2010
- Exports rise 54 percent in March, fall for whole fiscal (Lead) - May 06, 2010
- Europe, US crisis to hit India's export: Survey - Mar 15, 2012
- India's exports rise 34.8 percent in February - Apr 01, 2010
- Government looking at FDI in multi-brand retail: Sharma - Apr 27, 2010
- Indian exports up 29.5 percent in April-December 2010 - Feb 25, 2011
- Exports held out despite slowdown but outlook cloudy (2011 in Retrospect) - Dec 25, 2011
- India eases joint venture norms to draw foreign funds (Lead) - Mar 31, 2011
- India aims at doubling exports to $500 bn by 2014 - May 03, 2011
- Weak rupee brings cheer to seafood industry - Nov 22, 2011
- FDI inflow to India more than double at $4.66 bn in May - Jul 04, 2011
Tags: anand sharma, bank banks, banking sector, chambers of commerce, chambers of commerce and industry, clarifications, commerce minister, diversification, export markets, finance ministry, foreign direct investment, global meltdown, hdfc, indian chambers of commerce, market expansion, merchandise exports, norms, previous year, shortfall, sidelines
