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04
February 2019
 |
| exports (The Total Investment & Insurance Solutions) |
The country's exports in the current fiscal
year are expected to surpass the earlier peak of USD 314 billion in 2013-14, a
senior official said Monday. "This year, we are very confident that we
will go past our earlier peak, our earlier peak of 2013-14. We will go past
that peak quite comfortably this year," Union Commerce Secretary Anup
Wadhawan told reporters here.
The earlier peak was 314 billion, he said.
The achievement comes against the backdrop of a very challenging global
environment, Wadhawan said. "The earlier peak was 314 billion. We will be
comfortably beyond that. Mind you, that is in a very, very challenging global
environment. It's an environment where petroleum prices are coming down and 15
per cent of our exports are petroleum products. So, in spite of that, we are
going to achieve a new peak," he said. The exports, in general, have been
growing almost consistently for the last three years, he said
"In fact, you all know about the
downturn of 2008-09 when there was a financial crisis, that hit us quite badly.
But then we recovered from that. We reached a peak figure of our exports in
2013-14 and then as you know that global crisis got accentuated," Wadhawan
said. "The real economy got affected and you saw, countries like China and
all also getting affected for the first time. Then again, there were couple of
years of slight downturn," he said.
After that, for the last three years, the
country's exports were growing, he added. Pharma, engineering products,
petroleum products, gems and jewellery, leather products and even textiles
would be among sectors that contribute to the growth in the exports, Wadhawan
said.
"India is doing better, because of lot of
effort which has been put into it, effort on the policy side, effort on the
regulatory side, in terms of ease of doing business, in terms of simplification
of procedures There are so many interventions,
starting with making credit available at affordable rates...," Wadhawan
said. He also said the Current Account Deficit is well under control.
"Current account is under control, thanks to the fact that exports are
growing and then petroleum prices have also stabilised to some extent and are
falling in the recent months... I think the economy is in good shape," he
said.
An export strategy is in place with the
government listening to the exporters and addressing their problems, he said.
He hoped the IT exports would grow at around 10 per cent which has been the
trend for many years. "The fact that we are dominant today (in IT), will in
many ways, logically mean that we will remain dominant tomorrow also. So,
certainly, I see a good future for Indian IT," he said. Replying to a
query, he said the country's exports to China and the US are doing well and
that the trade issues between the two countries also to some extent contributed
to India's cause. The Total Investment
& Insurance Solutions
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