HOME > MARKETS > ECONOMY NEWS
  ECONOMY NEWS
ECONOMY
India’s exports growth likely to be in double digits in FY20: Commerce Secretary
Aug-16-2019

Expressing optimism over India’s export growth, Commerce Secretary Anup Wadhawan has said that exports growth of the country is likely to be in double digits in the current fiscal (FY2019-20) despite the challenging situation both on the external and internal fronts. He added that growth in exports was between 9-10% and the volume touched $331 billion which was a record in the last financial year. He also said the country had seen the continuous growth in the last three years.

Wadhawan further said that the global slowdown was almost visible as per the forecast of the International Monetary Fund (IMF) and this fact would be factored in the revised Foreign Trade Policy (FTP). The present FTP is valid till March 31, 2020 and the policy is announced in every five years. He noted that the revised FTP would be simple and easy to use. In the first few months of the current fiscal, both exports and imports have been impacted. He added that while exports growth has managed to retain the past levels, imports have fallen leading to an improvement in the trade deficit.

On the impact of withdrawal of export benefits to Indian exporters under Generalized System of Preferences (GSP) by US, Commerce Secretary said GSP is not an issue which is relevant now. He said that benefits under GSP helped not more than 3-4% of total exports to the US. About engineering exporters, he said that there is a need to focus on upgradation for the benefit of the Indian industry. The government will work closely with the exporters to identify all the issues, both domestic and overseas. He said the centre will also look at the bilateral and regional engagements with various countries.

  RELATED NEWS >>