With India's exports witnessing a continuous growth, the exporters' body Federation of Indian Export Organisations (FIEO) expects that the merchandise shipments from the country would touch $325 billion in the current fiscal.
"Indian exports have been on an upward trend in last few months with export of $275 billion in last fiscal and a target of $325 billion to achieve in 2017-18," the exporters' body said in a statement.
Federation of Indian Export Organisation (FIEO) on Friday said that the continuous growth in exports gives confidence to the exporters in India on easy sailing with GST.
India's exports grew consecutively for the 6th month, as the month of February 2017 posted a 17.48% year on year growth in exports. Total exports for the month stood at $24.5 billion, when compared to $20.8 billion in January 2016. For the same month, trade deficit widened year on year from $6.5 billion in 2016 to $8.8 billion in 2017.
India's exports of spices and spice products surged 12% to an all-time high in terms of value and also in volume terms in the financial year 2016-17, a communication from the Spices Board on Wednesday revealed.
India exported Rs.17,664.61 crore ($2633.3 million) worth of spice products in 2016-17. In terms of volume, it stood at 9,47,790 tonnes. In the fiscal of 2015-16, the spice products export stood at 8,43,255 tonnes in terms of volume and at Rs.16238.23 crore ($ 2482.83 million) in value terms.
The RoSL (Rebate of State Levies) scheme has benefitted 85% of apparel exporters in their export performance, a survey conducted by Apparel Export Promotion Council (AEPC) revealed.
India's textiles exports fell about 4.5% to $26 billion during April- December of 2016-17.
"The exports of textiles during 2016-17 (April-December) were $26 billion compared to $27.2 billion during 2015-16 (April-December)," Ajay Tamta, Minister of State for Textiles said on Friday in a written reply to the Rajya Sabha.
The exports of Basmati rice from India is expected to touch Rs.22,000-Rs.22,500 crore in financial year 2017-18 and the volume to about 4.09 million tonne primarily supported by a growth in average realisations, said the credit rating agency ICRA Ltd in a report on Wednesday.
India's exports grew by 8.32% to $24 billion in May, registering an upward growth in the last eight months. However, the trade deficit also surged to $13.84 billion a 30-month high, majorly on account of higher gold imports.
Prabhat Dairy, one of India's leading milk food processing brands, is planning to expand its supply operations in the Gulf region. It's participation in Gulfood 2017, held at the Dubai World Trade Centre, from February 26 - March 2, is key to the beginning of its exports to countries like UAE and Saudi Arabia.
Foraying into the field of education and training for the first time Southern India, Gem and Jewellery Export Promotion Council (GJEPC) is establishing Indian Institute of Gems and Jewellery (IIGJ) at Udupi in the state of Karnataka in collaboration with the National Institute of Design (NID), Ahmedabad.
The projection by Nasscom that Indian IT exports would grow 7-8 per cent in the current fiscal is realistic and reasonable and reflects the current global business environment, say senior figures in the sector.
The numbers put out by the industry body are very realistic because the global IT spending is not going up this year and there are political uncertainties in the US and parts of Europe, two key markets of Indian firms, said T V Mohandas Pai, the former Chief Financial Officer (CFO) of Infosys.
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Ministry of Commerce and Industry said on Thursday that it has decided to release the reviewed foreign trade policy (FTP) in the month of September and not prior to the rollout of Goods and Services Tax (GST) as was earlier planned.