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India's exports may settle at Rs 17 lakh crore in 2015-16

India's exports are estimated to throw up a conservative figure of $250-260 billion (nearly Rs 17 lakh crore) for the last financial year due to global demand slowdown
PTI April 12, 2016 23:33 IST
PTI

New Delhi: India's exports are estimated to throw up a conservative figure of $250-260 billion (nearly Rs 17 lakh crore) for the last financial year due to global demand slowdown, a top government official said on Tuesday.

The merchandise exports had totalled $310.5 billion in 2014-15.

But the situation may improve this year on account of gradual "hardening" of commodity and oil prices, the official said, adding that "the measures announced by the government would show a positive impact on exports from this year".

In 2015, the government has announced enhanced duty drawbacks under the Merchandise Exports from India Scheme (MEIS) and 3% interest subsidy scheme.

Way back in 2008-09, the country's out-bound shipments were less than $270 billion -- around $210 billion, to be precise -- said exporters body Federation of Indian Export Organisations (FIEO).

Falling for the 15th month in a row, exports tumbled 5.66% in February to $20.73 billion.

For April-February 2016, cumulative exports declined 16.73% to $238.41 billion as against $286.3 billion in April-February of 2014-15.