India's merchandise exports declined in the fiscal year ended March 2013 as uncertainties in the global economy continued to weigh on external demand, Commerce and Industry Minister Anand Sharma said Thursday.
The value of of exports decreased 1.76 percent annually to $300.6 billion during the year. The net trade resulted in a deficit of $190.91 billion, wider than the $183.4 billion shortfall recorded in fiscal 2011/12.
Addressing a press conference, Sharma said that the government is planning various measures to prop up the country's external sales, including favorable changes in export duty.
Recent data from the statistical office showed that India's industrial production increased at a significantly slower rate in February, putting pressure on the central bank to lower interest rates further as the economy is struggling to return to a high-growth trajectory.
Underscoring the sluggish industrial activity, the purchasing mangers' survey for March showed that India's manufacturing growth was the slowest in sixteen months as weakness in new orders and power outages continued to hamper production.
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