The Finance Minister, Shri P. Chidambaram has indicated a growth rate of 6.3 per cent in merchandise exports during the current financial year. In his Interim Budget speech for the year 2014-15, the Finance Minister said that though 2013-14 began on a pessimistic note, the year will end with estimated merchandise exports of USD 326 billion.

Shri Chidambaram said that exports from India have recovered sharply, in spite of the global trade declining from 6.1 per cent in 2011 to 2.7 per cent in 2013. India’s merchandise exports reached a level of USD 300.4 billion in 2012-13 registering a negative growth of 1.8 per cent over the previous year. But the during the current year, they are likely to grow by 6.3 per cent, he added.

The Finance Minister admitted that the rupee came under pressure during 2013-14. However, the Government, RBI and SEBI undertook a number of measures to facilitate capital inflows and stabilize the foreign exchange market. The Minister informed that among emerging economy currencies, the rupee was affected least when the actual reduction took place in December 2013 and January 2014.

Exports recovery signals renewed merchandise trade growth as policy and market measures supported currency stability. Merchandise exports are projected to grow after a prior-year contraction, and the Government, the monetary authority and the securities regulator implemented coordinated measures to facilitate capital inflows and stabilize the foreign exchange market, which helped limit the rupee's depreciation relative to peer emerging market currencies.