India's exports on track to hit $450B in ongoing fiscal
What's the story
Ashwani Kumar, the president of the Federation of Indian Export Organisations (FIEO), has projected that India's merchandise exports could hit a staggering $450 billion by the close of this fiscal year. Despite geopolitical hurdles like the Red Sea crisis, Kumar maintains a positive outlook toward reaching this goal. He underscored a 12% surge in exports to $41.40 billion in February and an aggregate of $395 billion from April-February 2023-24.
Challenges remain
Tackling obstacles to amplify Indian exports
Kumar emphasized the urgency to tackle the Red Sea crisis by ensuring marine insurance availability and a reasonable hike in freight charges. He stressed that Micro, Small, and Medium Enterprises (MSMEs) need accessible and affordable credit along with marketing assistance to amplify India's exports. "I will focus on addressing issues of MSMEs as they are going to play a key role in achieving the $1 trillion goods export target by 2030," said Kumar.
Increasing exports
Free trade agreements will stimulate outbound shipments
The FIEO chief disclosed that the organization is actively seeking more opportunities for exporters in regions such as Latin America and Africa. Kumar stated that swift finalization of free trade agreements with nations like the UK and Oman will stimulate outbound shipments. He also highlighted key catalysts for merchandise export growth in February. They include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products.