Global factors may force government to reduce export target, says FIEO
Major ports mark positive growth during Apr, 2017-Jan, 2018
May 26, 2017: In wake of the current global economic scenario, exporters' body Federation of Indian Export Organisations or FIEO has said that the government might trim the goods and services shipment target of $900 billion fixed for 2020.
The downward revision may be to the tune of around $700 billion as India's exports performance has been gloomy in the last couple of years.
According to FIEO director general Ajay Sahai, reaching the target of $900 billion set in the Foreign Trade Policy (FTP) would require exports to grow at a compound rate of 27 percent, from the current fiscal to 2019-20. Given the current global scenario, the possible rate of growth might be 15 percent, which would translate into exports of $700-750 billion by 2019-20.
The Commerce Ministry is expected to announce a review of the FTP 2015-2020 simultaneously with the implementation of GST from July 1 this year.
