The share of exports in the country's gross domestic product (GDP) has declined marginally to 17.3 percent in 2012-13 from 17.6 percent in 2011-12. Commerce and Industry Minister Anand Sharma said that marginal decline in exports’ share is attributable to the ongoing global economic crisis, which led to contraction in international demand.
Commerce Minister said that economic slowdown in developed economies and sovereign debt crisis in Europe have adversely impacted demand for our various sectors’ exports including exports of engineering goods, gems and jewellery, textiles, electronic goods and iron ore among others. By adding further, Anand Sharma added that except 2012-13, the share of exports in the GDP of the country has shown a consistent rise and increased to 17.6 percent in 2011-12 from 15.7 percent recorded in 2010-11.
In the previous fiscal, Indian exports declined by 1.76% to $300.6 billion which were the first ever decline since 2009-10. Presently, there is a need to boost exports in order to contain country’s high current account deficit (CAD), which widened to a record high of 4.8 percent of GDP in the previous fiscal. Further, high CAD also remained main factor behind the fall in domestic currency value, which recently depreciated to a record high of over 65 per dollar. Meanwhile, the government is doing all efforts to boost country’s export and has recently announced a slew of measures including sops for Special Economic Zones (SEZs) and extension of the popular EPCG scheme to all sectors to boost shipments.
Commerce Minister said that economic slowdown in developed economies and sovereign debt crisis in Europe have adversely impacted demand for our various sectors’ exports including exports of engineering goods, gems and jewellery, textiles, electronic goods and iron ore among others. By adding further, Anand Sharma added that except 2012-13, the share of exports in the GDP of the country has shown a consistent rise and increased to 17.6 percent in 2011-12 from 15.7 percent recorded in 2010-11.
In the previous fiscal, Indian exports declined by 1.76% to $300.6 billion which were the first ever decline since 2009-10. Presently, there is a need to boost exports in order to contain country’s high current account deficit (CAD), which widened to a record high of 4.8 percent of GDP in the previous fiscal. Further, high CAD also remained main factor behind the fall in domestic currency value, which recently depreciated to a record high of over 65 per dollar. Meanwhile, the government is doing all efforts to boost country’s export and has recently announced a slew of measures including sops for Special Economic Zones (SEZs) and extension of the popular EPCG scheme to all sectors to boost shipments.
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