The Federation of Indian Export Organisations (FIEO) on Thursday said taking a conservative approach, it will aim for USD 460-475 billion exports in the next fiscal year due to emergence of new variants of coronavirus and the existing supply side challenges.
During 2021-22, exports are expected to reach USD 400 billion, FIEO President A Sakthivel said.
He said the spectacular increase in global trade by about 22 per cent, buoyed by high prices of commodities, as witnessed in 2021 will not be there to provide the tailwind to India’s exports.
Much will also depend on whether the world would be able to contain COVID-19 through massive vaccination across the globe and be able to create the required vaccine manufacturing capacity.
“Looking into the emergence of the new variants and supply side challenges at this point of time, we would like to be a little conservative and will aim for an export of USD 460-475 billion during the next fiscal,” he added.
He also expressed hope that the global consumption would go up substantially in 2022, albeit the pandemic is controlled.
“The good thing with our exports has been a very balanced growth across sectors both in traditional exports as well as sunrise sectors of exports during the current fiscal.
“We are hopeful that the same trend will continue particularly as the order booking position of all exporters is extremely encouraging and China plus one policy of global companies is definitely helping our exports,” he added.