Exports may rise by 3-5% this fiscal to $435 bn: FIEO

NEW DELHI: India’s exports are expected to grow by 3-5 per cent to $435-445 billion in this fiscal, exporters’ body FIEO said on Friday.

In 2021-22, the country’s exports touched an all-time high of $422 billion.

Federation of Indian Export Organisations (FIEO) President A Sakthivel said the coming months are going to be little challenging unless both global economic growth and geopolitical situation improve drastically.

“However, we will be on course to cross the previous year’s goods export target quite easily touching almost $435-445 billion with a growth of over 3-5 per cent this fiscal,” he said in a statement.

Contracting for the second month in a row, India’s exports dipped by 6.58 per cent to $32.91 billion in January due to a slowdown in global demand.

Cumulatively, the country’s merchandise exports during April-January 2022-23 rose 8.51 per cent to $369.25 billion.

Sakthivel said FIEO in its continuous endeavour to handhold and mentor the exporting community and thereby promoting India’s exports is celebrating its 58th Foundation Day on February 19.

The celebrations will start with several key Capacity Building Programmes organised across the country under One District One Product and District as Export Hub initiative of the government.

The culmination of the three weeks-long events will be by showcasing Make in India through the event - Sourcex India (March 9-11) here. It would also showcase opportunities in sectors such as food, pharma, ayurveda, handicrafts, handloom, FMCG, gifts, and textiles.

Over 250 buyers from across 35 countries and seven regions representing supermarkets, hypermarkets, retail chains, importers and buying houses have shown their interest to participate in the event.