India Development News & Foreign Investment Opportunities

Oct exports reaffirms US$350bn milestone

Indian exporters bullish on new orders

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Indian exporters bullish on new orders

 

 

October 2018 exports of US$27 billion re-affirms assessment of India reaching the new milestone of US$350 billion in the current fiscal, the highest ever exports figures during recent years braving all the odds, said Ganesh Kumar Gupta, president of the Federation of Indian Export Organizations.

High growth was witnessed in Plastic & Linoleum, Petroleum, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Engineering and Electronic goods and various labour-intensive sectors including Gems & Jewellery, Leather & Leather products, Ceramic Products & Glassware, commodities and in some Agri products, which are positive signs for future exports, believes Gupta.

Twenty-two out of 30 major product groups, as against 16 out of 30 in the previous month, were in positive territory during October 2018 which itself shows the resilience and hard work being put by the exporting community.

Imports growth in October 2018 was also on a higher side with a growth of over 17%, which may push the current account deficit and inflation.

However, the declining trend of crude oil prices, may provide some respite to both exports and imports.

Gupta once again reiterated his demand for augmenting the flow of credit to export sector as sharp decline in credit, when exports are growing at the double-digit does not augur well for the sector.

He appreciated the initiative taken by the Finance and Commerce Ministers for addressing the issue and hope banks will positively respond to it immediately.

Gupta exuded confidence that despite increasing protectionism and high volatility in currencies, Indian exporters have managed well to get new orders and remain bullish on exports in short to medium term basis. fiinews.com

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