Union Minister for Industry and Commerce Nirmala Sitharaman has said today that the time has come to extend help to the exporters in the form of interest subvention and incentives for the exports.

Talking to the reporters on the side lines of Korea – India Industry & Infra Forum’ Summit, she said that, "This is something which I have very clearly stated that fall in our exports has now been arrested. The last month’s indicator shows that it has now come down to 0.79 per cent which still situation where we have to do a lot more to a level to pick up. The Pickup may be slow but the bottoming out has happened."

Further, talking about the falling exports, Minister said,  "I think from now it will only show slow but steady rise. It’s a time when help will be extended in the form of interest subvention or in the form of any kind of incentives for the exports."

India’s merchandise exports contracted at their slowest pace in 18 months in May as non-petroleum exports finally turned positive, led by exports of engineering goods and gems and jewellery. Data released by the commerce ministry showed exports contracted 0.79% in May while imports slipped 13.16%, leaving a trade deficit of $6.27 billion.

“We have been looking at sectorialy and helping out many labour intensive sectors,” Minister added.

Sitharaman has also invited the global car making company Hyundai to set up their third plant in the country.

She said, “The decision is apparently with Hyundai leadership and I would only suggest since they have two successful plants here , so setting up a third plant should not be an issue. Moreover with this Government is pushing the Make in India initiative.”