Indian exports grew at 4.62 per cent in September to revive hope among the country’s exporters struggling against depressed global demand, Commerce Minister Nirmala Sitharaman said.

“So, there is hope. There is definitely prospect for our exporters struggling and also performing in a very difficult situation,” Sitharaman said at the inauguration of the 36th India International Trade Fair (IITF).

Signalling a clear reversal in the otherwise continuous decline in Indian exports, official data last month showed September exports at $22.88 billion grew 4.62 per cent over exports recorded in the same month last year at $21.87 billion, buoyed by good performance in sectors such as engineering and gems and jewellery.

Sitharaman said Foreign Direct Investment (FDI) into the country grew by over 30 per cent to $21.62 billion during the first half of the ongoing fiscal on account of the government’s policies.

“Because of the government policies, which are very clear and not discretion-driven, the FDI has improved, the flow of capital into the country has improved,” the Minister said.

“India has clearly sustained its image in the last two and a half years as a shining star, is performing and showing the growth required, and actually proving as the engine of the global growth itself,” she added.

Sitharaman said there will be a lot of successful economic activity during the annual IITF from November 14-27, inaugurated by President Pranab Mukherjee earlier in the day.

According to the organisers, over 7,000 firms from India and overseas are participating in the fair.

Last year, the event saw a footfall of over 1.7 million, including about 37,000 business visitors — an increase over the 1.4 million attendance in 2014. About 283 overseas exhibitors from 26 countries displayed their products at the fair, according to state-run India Trade Promotion Organisation.

Source: Business Standard