Decline in country’s exports has largely been arrested and its growth would be slow but steady in the coming months, Union Minister Nirmala Sitharaman said on Friday.
Giving a detailed picture on country’s exports performance during the conclusion of the Regional Editors Conference here, she said, "Exports between 2015-16 was $262.30 billion, but it registered a 15.5 per cent decline (compared to previous year). There is a continuous fall in exports of goods in various sectors and their performance."
However, she said some sectors managed to withstand the decline and registered a "positive growth" inspite of the global trend.
"The sectors that managed to keep their exports intact are tea, tobacco, spices, fruits and vegetables, cereals, process items, ceramic products, jute manufacturing, readymade garments..," she said.
Other sectors like rice, cashew, marine products, iron ore, leather and leather products, yarn and fabrics registered a "negative growth," she noted.
Stating that the "fall" in exports has been arrested from June, due to various reasons, she said, "The interest subvention scheme and the performance-based incentives have boosted the confidence among exporters, who managed to shift exports to newer overseas markets like Africa, Latin America."
She further said, the petroleum exports in 2015-16 declined by 46 per cent in $ terms, while the non-petroleum products decreased by eight per cent.
"All this happened up to April (2016). From June, the situation has improved…," she noted.
"The export growth is going to be slow. But, it will be steady," she added.