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Exports show recovery, to grow 6.3% in 2013-14

February 17: India's merchandise exports during 2013-14 are expected to grow by 6.3% year-on-year and reach an estimated $326 billion, Finance Minister P. Chidambaram said in his Interim Budget speech for 2014-15 on February 17.

While pointing out that the year 2013-14 began on a pessimistic note, the minister said that exports from India have recovered sharply, in spite of the global trade declining from 6.1% in 2011 to 2.7% in 2013.

India's merchandise exports reached a level of $300.4 billion in 2012-13, registering a negative growth of 1.8% over the previous year. But during the current year, they are likely to grow by 6.3%, he added.

The minister said that the rupee came under pressure during 2013-14. However, the government, RBI and SEBI undertook a number of measures to facilitate capital inflows and stabilise the foreign exchange market. He further informed that among emerging economy currencies, the rupee was affected the least when the actual reduction took place in December 2013 and January 2014.