Indian exports set for better times: FIEO

Source – Ministry of Commerce, India

Indian exports set for better times: FIEO

Exports, adversely affected by global financial crisis and economic slowdown, are slowly indicating signs of revival, says Ministry of Commerce & Industry The Dollar Business Bureau | @TheDollarBiz

Kandla port SEZ in Gujarat. Developing SEZs to improve exports is targeted in the Union Budget 2014-15

M. Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO), says that the continuance of the double-digit growth in exports in June 2014 is a “very positive sign” and with encouraging index of industrial production (IIP) number for the month of May, a further boost in India’s exports is expected in months to come. In June 2014, India’s exports (including re-exports) recorded a jump of 10.2% to $26.48 billion from $24 billion in June 2013. Even the cumulative value of exports during April-June 2014-15 period stood at $80.1 billion, up about 9.3% from $73.28 billion in the same period last fiscal. The manufacturing sector in India too is showing signs of improvement. In fact, IIP growth touched a 19-month high of 4.7% in May 2014. According to Chandrajit Banerjee, Director-General, Confederation of Indian Industry (CII), IIP growing for the second consecutive month means that India’s economy may be on the path of recovery. Ahmed feels that the global situation is conducive to exports as both advance and emerging economies are showing better economic indicators. He believes the recently announced Budget could also provide the much-needed fillip to India’s exports. “The steps announced by the Finance Minister in the Union Budget including extension of 24x7 facility for all Export Promotional Schemes, single point interaction with Customs, institutionalization of Export Promotion Mission and involvement of the States in the export will boost India’s exports,” he said.

Indian exports set for better times: FIEO

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