Ashwani Kumar, the president of the Federation of Indian Export Organisations (FIEO), has projected that India’s merchandise exports could reach an impressive $450 billion by the end of this fiscal year. Despite challenges such as the Red Sea crisis, Kumar remains optimistic about achieving this target. He highlighted a 12% increase in exports to $41.40 billion in February and a cumulative total of $395 billion from April-February 2023-24.
Kumar emphasized the need to address the Red Sea crisis by ensuring availability of marine insurance and reasonable freight charges. He stressed that Micro, Small, and Medium Enterprises (MSMEs) require accessible and affordable credit, as well as marketing assistance, to boost India’s exports. “I will prioritize addressing the issues faced by MSMEs as they will play a crucial role in achieving the $1 trillion goods export target by 2030,” said Kumar.
The FIEO chief revealed that the organization is actively seeking more opportunities for exporters in regions like Latin America and Africa. Kumar stated that expediting the finalization of free trade agreements with countries such as the UK and Oman will stimulate outbound shipments. He also highlighted key drivers of merchandise export growth in February, including engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products.
