India's exports likely to touch 350 bln USD this year

NEW DELHI, May 30 (Xinhua) -- Indian exports should record a 15-20 percent growth during the current fiscal year and reach around 350 billion U.S. dollars, President of the Federation of Indian Export Organisations (FIEO) Ganesh Kumar Gupta said on Wednesday.

Currently, India's aggregate exports hover around 300 billion U.S. dollars annually.

FIEO is the apex body of Indian export promotion organizations set up jointly by the country's Ministry of Commerce and Private Trade and Industry in 1965. FIEO is a partner of the Indian government in promoting country's exports.

According to the FIEO president, the rising petroleum and commodity prices would add to export growth, while the recent depreciation of Indian rupee would also support exports though its impact varies from sector to sector and from company to company.

Gupta suggested that India needs to identify the champion sectors and provide them fiscal and non-fiscal support so that exports to both advanced and emerging economies could be increased. A product market mix strategy will help in increasing exports exponentially, he added.

He hoped that the government would pro-actively engage with trading partners particularly with the United States so that the trade interest of the country is safeguarded.

He stated that liquidity is a major area of concern particularly for MSME (Micro Small and Medium Enterprises) exporters, who constitute the bulk of exports in high employment intensive sectors. Enditem