SME Times News Bureau | 16 Apr, 2019
The exports sector
performed well even when global growth is crumbling, said exporters association
FIEO on Monday.
Reacting to the
overall merchandise exports figures for the FY 2018-19, Ganesh Kumar Gupta,
President, FIEO said that exports registered an all-time high of USD 331
billion for the fiscal (from the previous best of USD 314.4 billion recorded in
2013-14) with a growth of 9.06 percent as against last fiscal.
performance is all the more remarkable as it was recorded when global growth is
The major growth drivers were
electronic goods, plastics & linoleum, petroleum, engineering goods, organic
& inorganic chemicals, drugs & pharmaceuticals and cotton
yarn/fabs/made-ups, handloom products.
With Services sector exports
also expected to cross USD 204 billion with a growth of 6.26 percent in FY
18-19, the overall exports crossed well over half a trillion dollar during the
FIEO President also hailed the
dedicated and hard work put in by the exporting community, which led to such an
impressive growth despite major challenges including protectionism, tough
global conditions and constraints on the domestic front.
Gupta added that the healthy
growth in exports have come at a time even when the World Trade Organization
has cut global trade forecast to 2.6% in 2019 from 3% in 2018 and global trade
contracted in the first quarter of 2019 .
Merchandise exports for the
month of March also touched an all time high of about USD 33 billion with a
growth of 11.02 percent, the highest in any month so far.
20 out of 30 major product
groups were in positive territory for the month, with most of them showing
impressive growth during the month.
FIEO Chief added that while
economies across Asia specially China and South East Asian nations have been
showing signs of sluggishness with contraction in manufacturing due to slowdown
in the global trade and fragile world economy, almost all value-added product
segment of exports have shown impressive growth.
his demand for urgent and immediate support including the issue of augmenting
the flow of credit, higher tax deduction for R&D, outright exemption from
GST, Online ITC refund, interest equalization support to agri exports, benefits
on sales to foreign tourists and exemption from IGST under Advance
Authorization Scheme with retrospective effect.
Besides these, budgetary
support for marketing and exports related infrastructure are some of the other
key issues, which needs to be looked into immediately, he added.