Pinning hopes on dividends from ‘Make in India’ campaign and a conducive business environment, India expects a promising year ahead for its exports and improve on its estimated $300-billion plus tally in 2014.
However, it would be the revival in global economy that would matter the most for the shipments leaving Indian shores, said the government officials and exporters while striking a note of caution for 2015.
This cautious optimism follows a subdued performance on exports front for several years now, largely because of a fragile global economic situation.
“2015 will be a promising year. We are hoping that whatever measures we have put in place (this year) for ease of doing business, trade facilitation and initiatives in the area of boosting manufacturing, those should show sustained growth in exports in 2015,” Commerce Secretary Rajeev Kher told.
However, the global environment is still not conducive for trade as big markets like the EU are not doing well, he added.
India’s exports are estimated to have remained at around $312 billion in 2013, while the final figures for 2014 could be around this figure only. The overall exports during the first ten months of calendar year 2014 stood at about $270 billion.
Exporters, as also the Commerce Ministry, are keeping their fingers crossed on account of tepid situation in markets like the European Union, Japan, Russia and Middle East, which account for over 20 per cent of the total Indian exports.
The country’s monthly merchandise shipments have so far shown a mixed trend this year — from a robust growth of 12.4 per cent in May to entering into negative territory in October.
According to Mr Kher, Indian exporters will have to focus more on standards, services sector and enhancing their product competitiveness in the global market.
Exporters body Federation of Indian Export Organisations (FIEO) also said that “there cannot be a drastic increase in exports growth next year”, given the global demand economic situation.