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Indian exports expected to touch $400 billion mark in current financial year despite Covid blues

Indian exports sector have reasons to cheer

Indian exporters would be a happy lot as the financial year 2021-22 is expected to end with merchandise exports of $ 400 billion, the Federation of Indian Export Organisations (FIEO) said. For the next financial year, FIEO expects Indian exports to touch $460-467 billion, keeping in mind the possible spread of the new Omicron variant of Covid 19 virus.

FIEO president A Sakthivel also said that the tailwind that Indian exporters received this year may ease in the next financial year as the base effect will be high and global trade may show signs of slowdown.

“However, at the same time, since our share in global trade is still less than 2 per cent we still have a long way to go,” Sakthivel said in a statement. He added that much will depend on whether India is able to contain Covid-19 spread through massive vaccination.

Also read: India set to ink free trade pact with UAE amid policy shift towards bilateral deals

FIEO noted that the growth in exports has been balanced across sectors — both in traditional as well as sunrise industries. “We are hopeful that the same trend will continue particularly as the order booking position of all exporters are extremely encouraging and China plus one policy of global companies is definitely helping our exports,” Sakthivel said.

A few trade agreements which are in the pipeline will also boost exports. Prime Minister Narendra Modi will formalise the proposed India-UAE Comprehensive Economic Partnership Agreement (CEPA) during his upcoming visit to Dubai. Talks for also on with the UK and Australia among others.