Exports to grow by 15% next fiscal: Sharma

The government today expressed confidence that exports, which have been falling for over a year now due to the global slowdown, would grow by 15 per cent next fiscal and the pace of decline has already been arrested.

"The government expects the position to improve in the coming months," Commerce and Industry Minister Anand Sharma said in the Rajya Sabha during Question Hour.

Recalling the steps taken by the government and the Reserve Bank to neutralise the impact of the global financial meltdown on the country's exports, the Minister said India's exports would grow by 15 per cent during the next fiscal despite global recession.

India's exports have been falling since October 2008, though the pace of decline had been arrested in recent months.

The country's merchandise exports, which had declined by 38.9 per cent in May 2009, Sharma said, have started showing signs of improvements and the downturn has been arrested to a single digit level (6.6 per cent) in October this year.

Exports fell short by $11 billion of target of $200 billion in 2008-09 due to slump in global demand. Exports stood at $189 billion in the last fiscal.

During April-October this year, the oveaseas shipments declined by 26 per cent to $91 billion compared to $123 billion in the same period last year.