While merchandise exports reached $447 billion, services exports are estimated at around $322 billion.
India’s exports of goods and services together hit a record high of $770 billion last year.
The Ministry of Commerce has instructed the export promotion councils to work on export targets for the current fiscal year and develop a detailed roadmap to achieve them.
According to the exporters, issues related to outbound shipments from the country were discussed at a meeting chaired by Trade and Industry Minister Piyush Goyal on April 24.
India’s exports of goods and services together hit a record high of $770 billion last year. While merchandise exports reached $447 billion, services exports are estimated at around $322 billion.
“The ministry asked us to work on a new export target for this fiscal year and explain ways to achieve it,” an exporter said.
He said it was emphasized that Indian states and missions abroad should be involved in achieving the new target.
There was also a discussion about organizing a big buyer-seller get-together to showcase India’s export prowess.
Latin America and African countries hold enormous potential to boost exports.
Chairman of the Apparel Export Promotion Council, Narendra Goenka, who attended the April 24 meeting, said that despite global economic uncertainties, the sector is expected to grow by 5-10% this fiscal year.
The country’s merchandise exports are expected to exceed $500 billion this fiscal year due to healthy demand for domestic goods in major global markets, including the United States, and benefits from trade pacts, according to the exporters.
“With goods and services, we are targeting exports of $900 billion this fiscal year,” FIEO chief executive Ajay Sahai said.
Free trade agreements with the United Arab Emirates and Australia would provide a huge platform to boost exports in these markets.
SC Ralhan, a Ludhiana-based engineering exporter and president of the Hand Tools Association, said there were healthy signs of economic growth in the United States, which accounts for around 18% of India’s total outbound shipments. .
Sharda Kumar Saraf, a Mumbai-based exporter and chairman of Technocraft Industries, also said this fiscal year will be better than last year for Indian exports.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
