The country's exports may reach USD 290 billion by the end of this fiscal as the outbound shipments were hit hard by the COVID-19 pandemic during the first half of the year, FIEO said on 30th December 2020. Federation of Indian Exports Organisations (FIEO) President Sharad Kumar Saraf also said that 2021 would bring a ray of hope and optimism for the exporting community.
"We are confident that a V- shaped recovery will be witnessed in world trade and we will recover much more from what we have lost in 2020. Since the 1st and 2nd quarter have been bad, we may end this financial year 2020-21 with exports of around USD 290 billion," Sharad Kumar Saraf said in a statement.
However, looking into the good order booking received position for food including processed food, medical, pharma and diagnostic products, chemical, plastics, technical textiles, electronics and networking products, "we should endeavor to take exports to USD 350 billion in 2021-22," Sharad Kumar Saraf added.
Sharad Kumar Saraf also suggested that the government should focus on sectors where major imports are happening and upgrade traditional sectors, which are important for exports as well as employment.