New Delhi: The country’s exports are likely to register a growth of about 15 per cent in the current fiscal, which will translate into about USD 315 billion.
While presenting the Union Budget for 2018-19, finance minister Arun Jaitley said: “Our exports are expected to grow at about 15 per cent in 2017-18”.
Increase in the outbound shipments will help in generating more jobs besides strengthening the external sector of the country.
Cumulatively, exports during April-December 2017-18 grew by 12.05 per cent to USD 223.51 billion.
In the last financial year, the country’s total merchandise exports stood at USD 274.64 billion. Going by the 15 per cent growth expectation, the total figure by end of 2017-18 could reach about USD 315 billion.
The government is taking steps, including enhancing role of states to boost the outbound shipments, as it aims to increase the share of the country’s exports in global trade from the current 1.7 per cent.
Between 2011-15, exports from the country crossed the USD 300 billion mark.
Commenting on this, Federation of Indian Export Organisations (FIEO) said that 15 per cent growth is very much on the card as global trade is booming supported by buoyancy in commodities.
“However, a volume-wise growth would pose some challenge due to appreciation of rupee, liquidity crunch and increasing protectionism across the globe,” it said in a statement.
Currently, under the foreign trade policy, the government provides export incentives through two schemes – merchandise and services export from India scheme.
In December last year, the government announced incentives worth Rs 8,450 crore to boost exports of goods and services, mainly from labour-intensive sectors.
The finance minister also said that the government will take steps to boost exports of agriculture commodities, which have the potential of reaching USD 100 billion.
The country’s agricultural exports are around USD 30 billion at present.
“India’s agri exports potential is as high as USD 100 billion against a current export of USD 30 billion. To realize this potential, export of agri commodities will be liberalised,” Jaitley said.
He also proposed to set up state-of-the-art facility in 42 mega food parks. (PTI)