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Exports in chemical segment falls by 10 percent

Source : IANS
Last Updated: Tue, Jan 08, 2013 16:10 hrs

Kolkata, Jan 8 (IANS) India's exports in the chemicals and allied products segment during first six months of the current financial year have recorded a more than 10 percent decline compared to the last fiscal, a statement said Tuesday.

The data was made available by the Chemical and Allied Export Promotion Council of India.

The country's exports of chemicals and allied products registered the fall as the mineral segment was down during the period under review.

Capexil, an organisation to promote export of chemical and allied products from India, said the country's mineral segment witnessed a fall of 27 percent to an estimated $3,231 million during the first half of the current fiscal from $4,433 million during the corresponding period last fiscal.

The non-mineral segment during the period under review, however, grew by about 8 percent to $4,502 million from $ 4,175 million same period last fiscal.

According to Capexil, which is sponsored by the Ministry of Commerce and Industry, exports in mineral sector have further de-grown in November this year by 50.48 percent and come down to $3,550 million in April-November, 2012, from $5,045 million during the same period the previous fiscal.

Non-mineral sector, during the time, however, has grown to $5,093 million from $4,759 million during the corresponding period last fiscal.

Capexil chairman C.K. Somany urged the central government to formulate a national mining policy to bring in greater clarity to the mining sector.

"At present mining, particularly iron ore, is at a virtual standstill with majority of the iron ore mines shut down. Some of the policy decisions of individual states lack a national perspective and in the long run hinder cumulative growth," Somany said here.

A committee of administration of Capexil had recently submitted a memorandum to the ministry, asking for several necessary fiscal incentives to boost exports to get greater access to foreign markets.



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