NEW DELHI, Dec 15: Pinning hopes on dividends from ‘Make in India’ campaign and a conducive business environment, India expects a promising year ahead for its exports and improve on its estimated USD 300-billion plus tally in 2014.
However, it would be the revival in global economy that would matter the most for the shipments leaving Indian shores, said the government officials and exporters while striking a note of caution for 2015.
This cautious optimism follows a subdued performance on exports front for several years now, largely because of a fragile global economic situation.
“2015 will be a promising year. We are hoping that whatever measures we have put in place (this year) for ease of doing business, trade facilitation and initiatives in the area of boosting manufacturing, those should show sustained growth in exports in 2015,” Commerce Secretary Rajeev Kher told PTI.
However, the global environment is still not conducive for trade as big markets like the EU are not doing well, he added.
India’s exports are estimated to have remained at around USD 312 billion in 2013, while the final figures for 2014 could be around this figure only. The overall exports during the first ten months of calendar year 2014 stood at about USD 270 billion.
Exporters, as also the Commerce Ministry, are keeping their fingers crossed on account of tepid situation in markets like the European Union, Japan, Russia and Middle East, which account for over 20 per cent of the total Indian exports.
The country’s monthly merchandise shipments have so far shown a mixed trend this year — from a robust growth of 12.4 per cent in May to entering into negative territory in October.
According to Kher, Indian exporters will have to focus more on standards, services sector and enhancing their product competitiveness in the global market.
Exporters body Federation of Indian Export Organisations (FIEO) also said that “there cannot be a drastic increase in exports growth next year”, given the global demand economic situation.
“We are keeping our fingers crossed. Situation is getting worse in EU, Japan and Russia. Decline in oil prices are adding further woes for us,” FIEO President Rafeeq Ahmed said.
Besides the global economic scenario, the exporters are also concerned about delay in the announcement of the country’s new Foreign Trade Policy (FTP).
“Timely release of the FTP would help exporters in finalising their deals. Government should announce fiscal and non-fiscal incentives for exporters soon,” Ahmed said. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel