In order to discuss ways to arrest the plunge in the exports, A Commerce Ministry panel will hold a meeting on November 6 in Goa. The meeting of the Consultative Committee of the Ministry of Commerce will be chaired by Commerce and Industry Minister Nirmala Sitharaman. In the meeting issues related to continuous dip in exports and ways to boost the country’s exports will be discussed. The Director General of Foreign Trade will give a presentation on the foreign trade policy to the committee, which comprises 11 Members of Lok Sabha, and seven Members of Rajya Sabha.
Federation of Indian Export Organisations (FIEO) has said that the decline of 17.6 per cent in first six months of the fiscal will put massive pressure even in realising the export figure which India achieved aggregate $310.5 billion in 2014-15. Recently, with an aim to improve competitiveness of a large number of exporters and help them tide over the difficult global economic scenario, the government has extended incentives of Rs 3,000 crore to a large number of products, including textiles and electronics. This move would help in boosting exports, which are in negative zone since December last year.
Contracting for the tenth month in a row, India's exports plunged over 24 percent in September mainly due to global slowdown and declining commodity prices worldwide. The last time Indian exports registered a positive growth was in November 2014, when shipments had expanded at a rate of 7.27 percent.