Latest Exports Data Shows Signs of Economic Revival: FIEO

Reacting to March 2021 export figures, FIEO President Sharad Kumar Saraf said that the monthly exports showed a whopping double-digit growth of almost 60.50 per cent clocking 34.45 billion dollars compared to March 2020, showing not only impressive signs of further revival for the sector but for the overall economy as well.

This has been mainly on account of 28 out of 30 major product groups of exports showing either a very impressive high positive growth starting with triple-digit and almost all ending with a very high double-digit growth defying all the odds during these difficult times, he said.

The Federation of Indian Export Organisation (FIEO) President also added that such a whopping growth in exports during the month also helped in taking the merchandise exports to over 290 billion dollars for FY 2020-21 during such difficult and torrid times.

Saraf also reiterated that the support and help provided by the Government especially the Union Finance Minister and Union Commerce and Industry Minister during these challenging times has been commendable.

FIEO president also thanked the overall exporting community for achieving such figures even during these times.

Further an increase in March 2021 imports by 53.74 per cent to 48.38 billion dollars compared to the same period during the previous fiscal led to a trade deficit of 13.93 billion dollars, which is an increase of 39.62 per cent during the month is definitely a concern, which should be looked into.

Further since we have momentum with us, we should aim at exports of 350 billion dollars in this financial year so that we not only cover the lost ground but also help the economy to move to much needed double-digit growth, added the FIEO President.