Worst appears to be over for India's exports: Sharma

The "worst" for Indian exports, which are in the negative territory since October 2008 due to the global recession, seems to be over, Commerce and Industry Minister Anand Sharma said.

The contraction in exports following recession in major markets in the US and Europe was 29.2 per cent in May, while it was 33.2 per cent and 33.3 per cent in April and March, respectively.

Speaking at the Business Today SME award function, Sharma said the steps taken by the government has helped the embattled exporters and the contraction in overseas sales is bottoming out.

"In the last three months, I have looked at the figures, looked at the projections...Surely the worst appears to be over," he said.

The government had announced measures like two per cent interest subsidy, enhanced insurance cover and service tax exemption on foreign agent commission.

In the Budget'09, too, the Centre announced more measures like enhanced allocation for Market Development Assistance scheme and abolition of fringe benefit tax.

India's exports were estimated at $168.70 billion in 2008-09 showing a an increase of 3.4 per cent over the previous fiscal, largely because of a good showing in the first six months of FY'09.