SME Times News Bureau | 16 Nov, 2018
Exports growth back on double-digit growth trajectory with
the start of the festive season: Ganesh Kumar Gupta, President, FIEO on
Thursday said data shows that the exports are again back on double-digit growth
trajectory during the on-going festive season.
The exports during the month is close to USD 27 billion,
which re-affirms our assessment of reaching the new milestone of USD 350
billion in the current fiscal, the highest ever exports figures during recent
years braving all the odds, said FIEO President Ganesh Kumar Gupta.
High growth was witnessed in Plastic & Linoleum, Petroleum, Organic &
Inorganic Chemicals, Drugs & Pharmaceuticals, Engineering and Electronic
goods and various labour-intensive sectors including Gems & Jewellery,
Leather & Leather products, Ceramic Products & Glassware, commodities
and in some Agri products, which are positive signs for future exports opined, Gupta
said.
He expressed satisfaction that 22 out of 30 major product groups, as against 16
out of 30 in the previous month, were in positive territory during October,
2018, which itself shows the resilience and hard work being put by the
exporting community.
Imports growth in October 2018 was also on a higher side with a growth of over
17 percent, which may push the current account deficit and inflation. However,
the declining trend of crude oil prices, may provide some respite on both front
too, the FIEO chief said.
Gupta once again reiterated his demand for augmenting the flow of credit to
export sector as sharp decline in credit, when exports are growing at the
double-digit does not augur well for the sector.
He appreciated the initiative taken by the Finance and
Commerce Minister for addressing the issue and hope banks will positively
respond to it immediately.
Gupta exuded confidence that despite increasing protectionism and high
volatility in currencies, Indian exporters have managed well to get new orders
and remain bullish on exports in short to medium term basis.