HYDERABAD: Improving the product diversify of Indian exports and including more high-tech products will help India’s merchandise and services exports to cross $500 Billion mark by fiscal 2017-18 and compete better in the international market, views the Federation of Indian Export Organisation (FIEO).
The federation expects to end the fiscal 2016-17 with an export of about $270-275 Billion as against $262 Billion in the previous year, with a growth of around 3-4% for the year in the merchandise sector whereas in services sector FIEO is expecting an export of $160 Billion in 2016-17.
FIEO president G.K. Gupta said, “As we had already touched the $300 Billion merchandise exports in the past, we should look at more aggressively increasing our exports with previous six months specially the February exports showing an impressive double digit growth of around 17.5 percent.”
He also feels that a greater emphasis needs to be given to exports in the new GST regime with liquidity being the key challenge for the exporters along with increasing India’s share in global trade, which is currently very low.
To increase India’s export share, FIEO is also planning for market promotion strategies so that India’s exporters can get further boost in traditional and non-traditional markets for India’s exports.
Source: economictimes.indiatimes.com