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The Federation of Indian Export Organisations has struck a positive note on India’s export front, projecting that exports could touch $360 billion this fiscal, going by trends in the current quarter.
Last fiscal, India’s total exports were about $312 billion.
Walter D’Souza, regional chairman of FIEO, said that last month exports touched $28 billion, which was 12.4 per cent higher than the corresponding month of last fiscal.
“It seems the beginning of a growth backed by better global trade forecast of 4.7 per cent in 2014 and 5.3 per cent in 2015,” he told Business Line on the sidelines of an interactive meeting on customs and central excise here. Sectors such as readymade garments, organic and inorganic chemicals, engineering goods and petroleum products drove the export growth.
He said the trade deficit continued to contract on a year-on-year basis for the 11th consecutive month in May 2014.
The trade deficit during April-May this year was estimated at $21.31 billion, which is lower that the deficit of $37.04 billion during the corresponding months of last fiscal.
D’Souza felt that through aggressive marketing and cost efficiencies India’s exports could reach the targeted $750 billion by 2018-19.
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