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
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.