The country's merchandise exports are poised for an incredible milestone, with expectations soaring to reach an impressive $450 billion by the end of this fiscal year, as announced by Mr. Ashwani Kumar, president of the Federation of Indian Export Organisation (FIEO). Despite facing various geo-political challenges, including the Red Sea crisis, Kumar remains resolutely optimistic. He emphasizes the importance of addressing the challenges head-on by ensuring the availability of marine insurance and implementing rational increases in freight charges.
Kumar's vision for the exporting sector, especially for MSMEs, is one of empowerment. He advocates for accessible and low-cost credit, alongside robust marketing support, to further propel the nation's exports. Additionally, the early conclusion of free trade agreements, such as those with the UK and Oman, is anticipated to provide a significant boost to outbound shipments.
Highlighting the commendable resilience of the exporting community, Kumar applauds the remarkable increase in exports to $395 billion during April-February 2023-24, despite the adversities faced. Notably, the growth drivers in merchandise exports include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products.
The optimism resonates beyond borders, with global experts like rating agency Moodys projecting a steady normalization in economic activity worldwide. The outlook remains bright, with expectations set for continued progress and prosperity in the years ahead.
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