Ahead of June exports data release, the Commerce Minister Suresh Prabhu has said early data indicate that exports have registered a good performance in the month of June despite huge volatility in global markets. He further said that merchandise exports recorded 20.18% growth in May. He also stated that the government is also involving state governments in its plans to promote overseas shipments.
In order to boost exports, Prabhu said that they are working on a holistic, comprehensive strategy. Besides, in the last fiscal, the country’s total merchandise exports grew by about 10% to $303 billion. Higher growth in outbound shipments helps create employment opportunities, earn foreign exchange and boost economic activities.
Earlier, the minister said that the government has planned to spend $1 billion to boost export of services from the country as trade in services is growing faster than trade in goods. Further, talking on the Nikkei India Manufacturing Purchasing Managers Index (PMI), he said that many steps initiated by them to increase manufacturing at all levels. Manufacturing PMI improved to 53.1 in June from 51.2 in May, led by robust domestic and external demand.
