India’s exports possible up to 450 billion dollars in the current financial year: FIEO President
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New Delhi. Despite geopolitical challenges like the Red Sea crisis, the country’s merchandise exports are expected to reach US $ 450 billion by the end of the current financial year. Ashwini Kumar, elected president of FIEO, the apex organization of exporters, said this on Tuesday. He said the challenges posed by the Red Sea crisis could be addressed by a rational increase in marine insurance and freight charges. Kumar said that to boost the country’s exports, the export sector needs easy and low-cost credit and marketing support.
Early finalization of free trade agreements with Britain and Oman will also help exports. “I will focus on addressing the issues of MSMEs as they are going to play a major role,” he said. These units will play an important role in achieving the target of merchandise exports of $ 1,000 billion by 2030. He said that small and medium units are the backbone of the economy and they are facing some credit related issues. Kumar said, I would urge banks to come forward to support these units.
The Federation of Indian Export Organizations (FIEO) president said the organization is also working on exploring more opportunities for exporters in regions like Latin America and Africa. He said, there are challenges, but I am sure that we will achieve exports of US $ 450 billion in the current financial year. He said that despite the problems, exports increased by about 12 percent to US$ 41.40 billion in February. Exports of goods during April-February in the current financial year were US $ 395 billion.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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