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The contraction in exports following recession in major markets in the US and Europe was 29.2 per cent in May, while it was 33.2 per cent and 33.3 per cent in April and March, respectively.
Speaking at an award function, Sharma said the steps taken by the Government has helped the embattled exporters and the contraction in overseas sales is bottoming out.
"In the last three months, I have looked at the figures, looked at the projections...surely the worst appears to be over," he said.
The Government had announced measures like two per cent interest subsidy, enhanced insurance cover and service tax exemption on foreign agent commission.
In the Budget'09, too, the Centre announced more measures like enhanced allocation for Market Development Assistance scheme and abolition of fringe benefit tax.
India's exports were estimated at USD 168.70 billion in 2008-09 showing a an increase of 3.4 per cent over the previous fiscal, largely because of a good showing in the first six months of FY'09.
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Reduce the cost of exports. Make them attractive and competitive in the world markets. withdraw govt departmnet intervention in exports. centralise all your DUTY subssidies with customs. Close otces when they meet exporters. Reduce the vols of books on FTP. Ask Govt agencies to have a smile.
Mr Anand Sharma your kind attention please THE WORST PHASE HAS STARTED JUST NOW FOR INDIA THAT IS FROM THE 16 TH OF MAY 2009 The day the U.P.A came back to power by fraudelantmeans. Wait and see the people of India will realise it shortly.>>>>
Mr. Anand Sharma, Commerce and Industry Minister has rightly said that the worst for Indian Exports are over. I also agree with him. Had the Finance Minister not accepted every demand of exporters, our export would have been hit the worst. Now the exporters have no grievance so our exports would never hit.