Finance Minister Mr. Arun Jaitley said ecosystem for exporters in India
On the closing ceremony of 14 day long International Trade Fair (IITF), Finance Minister Mr. Arun Jaitley has emphasised concerns on declining exports from India. Exporters in India face a continuous downfall for 11 months in a row. The Minister said an ecosystem for exports is needed to boost exports.
Finance Minister Arun Jaitley said that exporters in India have to produce quality products at competitive prices to tackle the slowdown in demand in International Market. The minister also said that World wants to buy good products at cheaper prices. So the manufacturers have to stay ahead of other markets with competitive cost and quality. This will help and enable to tackle adverse global situations of compressed world trade where purchase power of global buyers are contracting. It will give stiffness for exporters in India to find buyers.
Indicating the falling of prices for Oil, Gas, Metals & Food Products, The minister also addressed that volume has not been declined but the value did. It triggered the decline of exports month on month to a 11th consecutive decline figuring at 17.53 % to $21.35 Billion impacting the value realisation from exports.
All this decline is impacting the outward shipments of 20 out of 30 industries for exports in India. This export decline is because of the sluggish global demand, overvalued Indian Rupee , devaluation of Chinese currency, and declining imports from china.
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