FM Sitharaman: Slowing economies abroad to be a challenge for Indian exporters

FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on February 15 said that Indian exporters may be hit by a likely slowdown in advanced economies and a constant dialogue with the government is likely to help them overcome the challenges.

"Slowing economies abroad will be a challenge for Indian exporters," Sitharaman said while interacting with industry body Assocham.

India's exports in January dipped 6.58 percent to $32.91 billion, against $35.23 billion in the same month last year, according to data released by the commerce ministry on Wednesday.

The trade deficit in January stood at $17.75 billion.

Sitharaman said that though India is trying to boost manufacturing via production-linked incentive schemes, the country is still dependent on component imports and the government is aware of it.

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"India is aware that we still need critical components from imports. However, we are keeping a close watch on any surge in imports. There needs to be a balance in trade," she said.

The budget has laid emphasis on sunrise sectors to push China plus one strategy, Sitharaman said.

"India is, however, prepared for any extraneous shocks. Emphasis will continue to be on growth," she said.