Dr Sakthivel notes impact of rising inflation on international demand
India will be on course to cross the previous year’s export target quite easily touching almost US$440-$445 billion this fiscal with a growth of over 4-5% on the year.
Overall, the April-January FY 2022-23 exports rose by 8.51% to US$369.25 billion.
Expressing confidence, FIEO President Dr A Sakthivel also cautioned that the coming months are going to be little challenging unless both global economic growth and geopolitical situation improves drastically.
The monthly January 2023 merchandise exports dipped 6.58% to US$32.91 billion from US$35.23 billion of January last year.
He attributed the dip in monthly exports to global slowdown and international demand impacted by rising inflation.
“As expected, the challenges still continue due to recession like situation in most economies across the world,” noted Dr Sakthivel.
The continued geo-political tensions between Russia and Ukraine, tightening global financial conditions, high inventories and volatility in currencies have further added to such a challenging situation, he said. fiinews.com
