Export growth of 4.62 per cent in September was a “very significant development”, bringing hope to exporters who are battling depressed demand globally, Commerce and Industry Minister Nirmala Sitharaman said.
Arresting 2-month fall, exports grew by 4.62 per cent to USD 22.9 billion in September riding on the sectors such as engineering and gems and jewellery. “So there is hope, there is definitely prospect for our exporters who are struggling and also performing in a very difficult situation,” Sitharaman said at the inauguration ceremony of the India International Trade Fair (IITF).
Foreign direct investment (FDI) into the country grew by over 30 per cent to USD 21.62 billion during the first half of 2016-17 on account of government’s policies, reinforcing India’s image of a “shining star”, she said.
“Because of the policies of this government, very clear and policy driven, not discretion driven policy of the government, the FDI has improved, the flow of capital into the country has improved,” she said.
“India has clearly sustained its image in the last 2.5 years as a shining star, is performing and showing the growth which is required and actually proving as an the engine of the global growth itself,” Sitharaman added.
She said there will be a lot of successful economic activity during the IITF, being held here from November 14-27. Commerce Secretary Rita Teoatia said the fair is designed to fuel trade, foster investments and incubate joint ventures in technology intensive sectors as well as to forge new industry-academia collaborations and partnerships.