Double digit export growth comes as boomer for sector and for economy as a whole: FIEO

Posted by Daily Shipping Times on 17-04-2017        Tweet

NEW DELHI: Reacting to the booming double digit export growth of well over 27% for the month of March, 2017 surpassing such growth achieved more than 3 year back, Mr G K Gupta, President, FIEO said that while continuous positive growth in exports for more than half a year is not only very enthusing and encouraging sign for us but also for the economy as a whole.

FIEO Chief also reiterated that it signifies the dedication, commitment and hard work of the exporting community of delivering during such challenging times when currencies across the globe has been impacted because of the dwindling global trade. Mr Gupta also said that global scenario reflecting downward forecast for global trade by WTO in 2017 at 2.7 percent does not reflect a positive picture.

FIEO President further added that the growth across all major sectors in 25 out of 30 major product groups, have not only been positive in March but sectors specially Iron ore have continued to show an overwhelming growth. Other major sectors including Engineering goods, Gems & Jewellery, Drugs & Pharmaceuticals, Organic & Inorganic Chemicals, RMG of textiles, Oil Meals, Oil seeds, Coffee, Tea, Rice, Marine Products, Cashew, Spices, Handicrafts, Meat, dairy & poultry products including carpet and Man-made Yarns & made-ups have also shown impressive growth contributing in a major way to the growth in exports during the month with most of them showing higher double digit growth for the first time in recent months. Mr Gupta said that Petroleum exports which has a major contribution in the exports basket has contributed to the robust growth with more than booming growth of over 69 percent.

FIEO President said that the increasing imports is primarily on account of high imports of gold, pearls, precious and semi-precious stones which augurs well for gems & jewellery exports in months to come. The high imports of petroleum is also reflected in higher exports of petro products. However we need to analyse the reasons for increasing electronic imports.

FIEO Chief also hailed the Union Cabinet’s approval of implementation of Supreme Court’s judgment regarding Target Plus Scheme, saying that this a very encouraging decision of the Government which will provide much needed relief to exporters in their export efforts.

Mr G K Gupta complimented the Hon'ble Commerce and Industry Minister for proactively supporting the export sector during the most challenging times of 2016-17. He exuded confidence that we look for reaching the export of USD 325 billion in the current fiscal.