Although the pickup in exports may be slow but the bottoming out has happened, Commerce and Industry Minister Nirmala Sitharaman said.
"I think from now, it will show steady rise. Last month's indicators show that it has now come down to 0.79 per cent, which is still a situation where we have to do a lot more to allow it to pick up,” said Sitharam.
She further reports that it is a time when the help will have to be extended, whether in the form of interest subvention or in the form of any kind of incentives for exports.
The remarks assume significance as exports fell the 18th month in a row in May, though marginally by 0.79 per cent, to US$ 22.17 billion as several non-oil sectors such as engineering and gems and jewelry saw a rise in outward shipments. The decline in May was lowest since December 2014.
The minister also said that she is cautious and can see that the fall is getting arrested and pick up is slowly showing up. Further talking about the 20 per cent customs duty on sugar exports, Sitharaman said the move would help in increasing availability of the commodity in the domestic market.