New Delhi: Government figures show India’s exports fell by nearly a third in May, while its imports fell by almost 40%. The news came even as the country posted a current account surplus in the three months through March.
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Export-driven industries like gems, jewelry, and textiles have asked the government to provide them incentives to help weather the downturn.
While India’s overall exports continue to fall, its manufacturing continues to rise. An index on manufacturing produced by the firm Markit Economics remained above the 50-mark in June, indicating a continuing expansion.
On Tuesday, the finance ministry said it had made it easier for developers of Special Economic Zones and township projects as well as non-banking financial corporations to raise money overseas.