Exports growth despite poor global demand encouraging: FIEO

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SME Times News Bureau | 17 Nov, 2017
Almost a double digit growth in exports in October is really a very encouraging sign and has come as much needed booster for the sector, said FIEO Vice President Ganesh Kumar Gupta in a press release.

Welcoming an almost positive double digit growth of 9.59 percent in exports for October, 2016 and positive growth for the second time consecutively in a row for the current financial year, Gupta said that this is a very encouraging sign, as most of the global economies are still reeling under pressure to perform and global demand still does not seem to pick up.

"What is more encouraging and positive this time is that growth across sectors in 18 out of 30 major product groups, have not only been positive in October but sector specially Iron Ore have shown tremendous growth of whooping 2835 percent," he added.

Signalling a clear reversal of the earlier continuous decline in Indian exports, official data on Tuesday showed these grew for the second month in a row at $23.51 billion in October on the back of a good showing by the jewellery and engineering sectors.

Gupta further said that other sectors including Carpets, Marine products, Gems & Jewellery, Coffee, Engineering goods, Tobacco, Meat, Diary & Poultry products, RMG of all textiles and Ceramic Products & Glassware have in a major way contributed to the growth in exports during the month.

The FIEO official reiterated that if this kind of positive growth continues in the coming months also, we are definitely on course to achieve US$ 280 billion or even more in exports during the current fiscal.

He also said that support given by the Government will further be seen in the exports figure in coming months as well.

However, he said that working capital problem in the refund process for exports in the proposed GST regime along with infrastructural bottlenecks and further reduction in logistics cost should also be looked into.