With less than a fortnight to go for the financial year 2022-23 to end came the assessment that India’s Exports would end up at around 780 billion US dollars from the Federation of Indian Exporters Organization FIEO.
We expect 2022-23 to end up with export of 770-780 billion US dollars, which will be over 100 billion US dollars as compared to aggregate export of 672 billion US dollars recorded in 2021-22, Dr A Sakthivel President FIEO said in a statement. India is not only one of the fastest growing economies, but also one of the top performing nations in exports as well
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. Many countries have shown sharp decline in their exports recently.
President, FIEO said that we should aim at 900-950 billion US dollars exports in 2023-24 despite modest increase in world trade.
The better market access provided through Free Trade Agreements and Comprehensive Economic Cooperation Agreements, additional production coming out of industries under PLI, realignment of value chain by passing China, China+1 policy of global companies, increasing exports through e-Commerce will help our exports in 2023-24.
Services will continue to be the driver of exports and besides, IT & ITES, travel and hospitality, health and medical tourism, audit & accounting sector, financial services and education services besides films & animation will push our services exports. The competitiveness of exports will go 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 and 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.