Finance Minister expects a 15% exports growth in current fiscal

Posted by Daily Shipping Times on 02-02-2018        Tweet

NEW DELHI: Finance Minister Arun Jaitley said the Country's exports are likely to expand by about 15% during the current fiscal. "Our exports are expected to grow at about 15% in 2017-18," he said while presenting Union Budget 2018-19 in New Delhi. India's merchandise shipments rose 12.36% to $27.03 billion in December 2017.

Mr. Ajay Sahai, Director General at Federation of Indian Export Organisations said that 15% increase in exports is quite possible as buoyancy in commodities and crude will push value wise exports.

"However, volume wise increase in exports are equally important which faces challenges like Rupee appreciation, liquidity crunch and increasing protectionism," he cautioned.

Total exports in 2016-17 were $274.64 billion up from $262.29 billion in the preceding year.

With cumulative exports during April-December 2017-18 growing 12.05% to $223.512 billion, Sahai said: "Prices are moving up, we are on our course to achieve $300 billion." In the mid-term review of the foreign trade policy in December last year, the Government doled out incentives worth Rs 8,450 crore to boost exports and employment in labour intensive sectors hit hard by the Goods and Services Tax (GST) roll out.