Budget 2016: Government to take measures to support export sector, says Arun Jaitely

Exports dipped for the 14th month in a row, down 13.6 per cent in January to USD 21 billion due to fall in shipments of petroleum and engineering goods, although trade deficit showed improvement.

New Delhi | Updated: February 29, 2016 7:16 pm
budget 2016, budget live, union budget 2016, general budget, 2016 budget news, budget news, union budget news, general budget news, budget 2016 news, budget income tax, union budget 2016, income tax, budget expectations, arun jaitley, budget news india, budget india news Finance Minister Arun Jaitley (center). (Source: PTI)

Finance Minister Arun Jaitley on Monday said that more support will be provided to exporters to give a boost to overseas shipments.

“The duty drawback scheme has been widened and deepened to include more products and countries. The government will continue to take measures to support the export sector,” Jaitley said in his Budget speech for 2016-17.

Watch | Union Budget 2016: Analysis of Jaitley’s Budget in Videos

Under the scheme, the government refunds duties on imported inputs for export items.

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Exports dipped for the 14th month in a row, down 13.6 per cent in January to USD 21 billion due to fall in shipments of petroleum and engineering goods, although trade deficit showed improvement.

Imports shrank 11 per cent to USD 28.71 billion last month, resulting in a trade deficit of USD 7.63 billion, lowest in eleven months. In February last year, the deficit was USD 6.85 billion.

For the first 10 months of the current fiscal, cumulative exports declined by 17.65 per cent to USD 217.67 billion, as against USD 264.32 billion in April-January period of 2014-15.

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