FIEO president Ganesh Kumar Gupta expects merchandise and services exports to touch 315 billion and 185 billion US dollars respectively in 2017-18.
Besides, the Federation is targeting to end current fiscal 2016-17 with export of 270-275 billion against 262 billion dollars in the previous year; thus clocking growth of 3-4% in merchandise sector, whereas in services FIEO is expecting export of 160 billion dollars.
Gupta said India had clocked 300 billion dollars merchandise exports in the past too, and now the need was to aggressively spur exports, especially in the backdrop of February exports showing an impressive double digit growth of 17.5 percent.
He further stressed boosting exports under the proposed Goods and Services Tax (GST) regime with liquidity being the key challenge for exporters. He said in the upcoming midterm Foreign Trade Policy review, there was a need to relook at further diversifying the product basket, focusing more on high-tech products where India’s share in global trade is low, to further compete in the international market.