India Inc has expressed hope that country’s exports target of $325 billion in the current fiscal would be met despite slowing growth of overseas shipments to a five-month low in November. Indian exports increased by 5.86 percent to $24.6 billion in November owing to the declined shipments of petroleum goods and rough diamonds.
Ficci President Naina Lal Kidwai underscored that continued rise in exports for the fifth month in a row is significant and the first eight months of this fiscal have witnessed a nearly 23 percent decline in the cumulative trade deficit. During April-November’ 2013, exports grew 6.27 percent to $204 billion. Rising exports will considerably ease the pressure on the current account deficit and make the rupee more stable. India’s imports fell the most in four years, by 16.37% from a year earlier to $33.8 billion in November, leaving narrower trade deficit of $9.22 billion as against $17.2 billion deficit in November 2012.
Chairman of engineering exporters body EEPC Anupam Shah highlighted that significant fall in trade deficit is a noteworthy development, which is largely a result of a steep import compression rather than a smart rise in exports. Assocham Secretary General DS Rawat mentioned that evolving trend strongly indicates that India's trade balance in 2013-14 would improve and falling imports are a welcoming sign at this juncture. Meanwhile, decline in the imports of capital goods owing to less investment activity and rising imports of consumer goods does not augur well for the domestic economy.
Chairman of the CII Committee on Exports and Imports Sanjay Budhia commented that India will achieve exports target in current fiscal. Meanwhile, he also expressed the need for the government to come out with a scheme to expand new products basket and duty drawback rates besides taking a holistic view and make special economic zones more viable.
Ficci President Naina Lal Kidwai underscored that continued rise in exports for the fifth month in a row is significant and the first eight months of this fiscal have witnessed a nearly 23 percent decline in the cumulative trade deficit. During April-November’ 2013, exports grew 6.27 percent to $204 billion. Rising exports will considerably ease the pressure on the current account deficit and make the rupee more stable. India’s imports fell the most in four years, by 16.37% from a year earlier to $33.8 billion in November, leaving narrower trade deficit of $9.22 billion as against $17.2 billion deficit in November 2012.
Chairman of engineering exporters body EEPC Anupam Shah highlighted that significant fall in trade deficit is a noteworthy development, which is largely a result of a steep import compression rather than a smart rise in exports. Assocham Secretary General DS Rawat mentioned that evolving trend strongly indicates that India's trade balance in 2013-14 would improve and falling imports are a welcoming sign at this juncture. Meanwhile, decline in the imports of capital goods owing to less investment activity and rising imports of consumer goods does not augur well for the domestic economy.
Chairman of the CII Committee on Exports and Imports Sanjay Budhia commented that India will achieve exports target in current fiscal. Meanwhile, he also expressed the need for the government to come out with a scheme to expand new products basket and duty drawback rates besides taking a holistic view and make special economic zones more viable.
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