FIEO President said the growth across all major sectors in 25 out of 30 major product groups, have not only been positive in March but sectors specially Iron ore have continued to show an overwhelming growth.
Exports in the month of March 2017 has registered a double digit growth. This growth sign has come as a boomer for the sector and for the Indian economy as a whole, said Mr G K Gupta, President FIEO.
Mr Gupta exuded confidence to reach the export of 325 billion dollars in the current fiscal. In a statement, while reacting to the booming double digit export growth of well over 27 per cent for the month of March, 2017 surpassing such growth achieved more than three years back, Gupta, said that while continuous positive growth in exports for more than half a year is not only very enthusing and encouraging sign for us but also for the economy as a whole.
FIEO Chief also reiterated that it signifies the dedication, commitment and hard work of the exporting community of delivering during such challenging times when currencies across the globe has been impacted because of the dwindling global trade.
Global scenario reflecting downward forecast for global trade by WTO in 2017 at 2.7 per cent does not reflect a positive picture.
Other major sectors including Engineering goods, Gems & Jewellery, Drugs & Pharmaceuticals, Organic & Inorganic Chemicals, RMG of textiles, Oil Meals, Oil seeds, Coffee, Tea, Rice, Marine Products, Cashew, Spices, Handicrafts, Meat, dairy& poultry products including carpet and Man-made Yarns & made-ups have also shown impressive growth contributing in a major way to the growth in exports during the month with most of them showing higher double digit growth for the first time in recent months.
He said Petroleum exports which has a major contribution in the exports basket has contributed to the robust growth with more than booming growth of over 69 per cent. FIEO President said the increasing imports is primarily on account of high imports of gold, pearls, precious and semi-precious stones which augurs well for gems & jewellery exports in months to come. The high imports of petroleum is also reflected in higher exports of petro products. However we need to analyse the reasons for increasing electronic imports.
FIEO Chief also hailed the Union Cabinet’s approval of implementation of Supreme Court’s judgment regarding Target Plus Scheme, saying that this a very encouraging decision of the Government which will provide much needed relief to exporters in their export efforts. Mr Gupta complimented the Commerce and Industry Ministry for proactively supporting the export sector during the most challenging times of 2016-17.