| Date: |
03-07-2014 |
| Subject: |
Exports, Manufacturing Require Focus in Budget 2014: Industry Body |
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New Delhi : Reducing the cost of credit for traders and boosting exports as well as manufacturing requires special attention in the forthcoming budget, the Federation of Indian Export Organisations (Fieo) has said.
"Propelling exports, when world economy is expected to grow at over 4.5 per cent, will be much needed both for managing trade deficit, current account deficit as well as generating employment in the country," the exporters' body said in a statement on Wednesday.
The Finance Minister has to find ways and means for reducing the cost of credit which has moved by over 60 per cent in the last three years, it said.
India's trade deficit rose to a 10-month high of $11.23 billion in May even as exports grew by 12.4 per cent - their highest rate in six months - on improvement in the global demand.
India's exports in the last three years have been hovering at around $300 billion.
The country's exports in 2013-14 fell short of the $325 billion target and managed to reach $312.35 billion. Exports stood at $300.4 billion in 2012-13 and $307 billion in 2011-12.
According to Fieo, India's exports are expected to touch $360 billion in the ongoing fiscal year (2014-15).
Source : profit.ndtv.com
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