Global companies will help Indian exporters in next fiscal year, says Dr Sakthivel
Hailing the aggregate export of US$703 billion recorded in the first 11 months of the current financial year, FIEO President Dr A Sakthivel expects US$770-$780 billion exports in 2022-23, an increase of 15-16% or over US$ 100 billion on US$672 billion recorded in 2021-22, as well as US$900-$950 billion in 2023-24.
“We should aim at US$900-$950 billion exports in 2023-24 despite modest increase in world trade,” he said.
India is not only one of the fastest growing economies, but also one of the top performing nations in exports as well, he said in a release on 15 Mar 2023.
“These figures assume greater significance when seen in the backdrop of global headwinds accentuated by geopolitical uncertainties, rising inflation, contraction in demand and high interest rates,” he said.
Comparatively, many countries have shown sharp declines in their exports recently.
The better market access provided through free trade agreements and pacts, additional production coming out of industries under PLI, realignment of value chain bypassing China, China+1 policy of global companies and increasing exports through e-Commerce will help Indian exports in 2023-24, he underlined.
Services will continue to be the driver of exports and besides, IT & ITES, travel and hospitality, health & medical tourism, audit & accounting sector, financial services and education services as well as films & animation will push exports of services.
“The competitiveness of exports will grow with reduction in the logistics cost as we are seeing all round development in infrastructure and increasing digitization of the process,” said FIEO Chief.
Some of the employment intensive sectors like textiles, plastics & linoleum and engineering sector have been impacted due to contraction in demand with rising inflation and increasing recession in some of the markets.
“However, we expect them to recover in next few months,” stressed Dr Sakthivel. fiinews.com