Ministry of Commerce asks Export Promotion Councils to work on targets for 2023-24
NEW DELHI : The Commerce Ministry(MoCI) has asked Export Promotion Councils(EPCs) to work on export targets for current fiscal year and chalk out a detailed road map to achieve that. According to exporters, issues related to the country’s outbound shipments were discussed during a meeting chaired by Union Commerce Minister Shri Piyush Goyal on April 24.
India’s goods and services exports together touched an all-time high of USD 770 billion last fiscal year.While merchandise exports touched USD 447 billion, services exports are estimated at about USD 322 billion.
“The ministry has asked us to work on new exports target for this fiscal and explain ways to achieve,” an exporter said.
He said it was emphasised that states and Indian missions abroad be involved in achieving the new target.
There was also a discussion on organising a major buyer-seller meet to showcase India’s prowess in exports.
Latin America and African countries hold huge potential to boost exports.
Apparel Export Promotion Council Chairman Narendra Goenka, who participated in the April 24 meeting, said though there are global economic uncertainties, the sector is likely to grow by 5-10 per cent this fiscal.
The country’s merchandise exports are likely to cross USD 500 billion this fiscal due to healthy demand for domestic goods in key global markets, including the US, and benefits from trade pacts, according to exporters.
“Together with goods and services, we are targeting exports of USD 900 billion this fiscal,” FIEO Director General Ajay Sahai said.
Free trade agreements with the UAE and Australia would provide a huge platform to boost exports in those markets.
Ludhiana-based engineering exporter and Hand Tools Association President SC Ralhan said there are healthy signs of economic growth in the US, which accounts for about 18 per cent of India’s total outbound shipments.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf too said that this fiscal would be better than last year for India’s exports.