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India’s Merchandise Exports on Track to Hit $450 Billion Despite Challenges

Published: March 26, 2024

In a recent address, Ashwani Kumar, President of FIEO, projected that India’s merchandise exports are poised to touch $450 billion by the end of the current fiscal year despite hurdles like the Red Sea crisis. Kumar stressed the urgency of confronting the challenges posed by the crisis by ensuring access to marine insurance and a gradual adjustment in freight charges.

Highlighting the vital role of the exporting sector, especially MSMEs, Kumar emphasised the necessity for easy access to affordable credit, marketing assistance, and swift conclusion of free trade pacts with nations like the UK and Oman to bolster outbound shipments. The article underscores the resilience exhibited by the export community in light of adversities such as the Red Sea debacle and global economic fluctuations.

The narrative also delves into the recent trade dynamics, showcasing the growth drivers in merchandise exports including engineering goods, electronics, chemicals, pharmaceuticals, and petroleum products. Despite a widening trade deficit in February, with imports surpassing exports, the industry outlook remains positive, buoyed by a global economic upswing. Rating agency Moodys projects a gradual normalisation in economic activities worldwide, offering a silver lining amidst prevailing uncertainties.

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