E-Paper
‘Contraction for 5-6 mths more’
The fall in exports is primarily due to shrinking demand in world markets, Commerce Secretary GK Pillai told Mahua Venkatesh. Excerpts:
The fall in exports is primarily due to shrinking demand in world markets, Commerce Secretary GK Pillai told Mahua Venkatesh.
Excerpts
:
On the contraction over the past six months
Our exports are linked to world trade. There has been a significant contraction in world trade. There are no buyers at this point. How can we sell our products if there are no buyers?
On when exports will pick up
Contraction in exports is likely to continue for the next five to six months. Demand in the global markets is shrinking.
On export targets for the current year
We expect to maintain a flat growth in the current financial year. World trade is likely to go down by over 9 per cent. Considering that, if we maintain a flat growth, I’d say it is commendable.
On fall in imports
One of the major reasons is the fact that petrol prices have come down significantly but there has been a slowdown in domestic demand as well.
On what needs to be done
The new government will have to look into the issue. Several measures would be taken to ensure that the situation remains under control. We have to look at new markets to ensure that exports pick up at the earliest. We must also bring down transaction costs.
