The country’s exports are expected to touch $330-340 billion during the ongoing fiscal on account of an uncertain global situation and rising protectionism and the government’s new strategy should be to focus on technology-driven sectors to increase India’s share in global trade.
In 2018-19, the exports grew 9 per cent to $331 billion from $303.5 billion in 2017-18.
Sharad Kumar Saraf, president of the Federation of Indian Export Organisations (FIEO), said the global situation was becoming extremely challenging as rising protectionism was leading to uncertainty in global trade which would have an adverse impact.
He said despite having a moderate share in global trade, India’s exports have always followed the trend in global imports.
“Therefore, when global imports are declining, our exports are also likely to take a hit. At present, exports during April-November 2019 are down about 1.99 per cent. Therefore, we feel our goods exports may touch $330-340 billion in the current fiscal,” Saraf said in a statement.