Country’s exports are expected to reach $750 billion by 2018-19 with improvement in the global trade scenario, apex exporters body FIEO said on Thursday.
Global commerce is showing improvement and it is expected to grow at 4.7 per cent this year and 5.3 per cent in 2015, said the Federation of Indian Export Organisations."We are optimistic that we would be able to cross $350 billion this fiscal. FIEO projects an export target of $ 750 billion by 2018-19. This would require a CAGR of 19.14 per cent during 2014-19," FIEO President Rafeeq Ahmed told reporters .
He said India's traditional markets - the US and Europe - are also posting better economic results. These regions account for about 30 per cent of the country's exports. Slowdown in these western markets have severely impacted India's outbound shipments.FIEO also pitched for a free trade agreement (FTA) with China, saying it would help in boosting India's exports.India has a trade deficit of about $ 37 billion with the neighbouring country.
Federation of India Export Organisations (FIEO) also said that India should resume the FTA with the European Union.The country's exports in the last three years have been hovering at $ 300 billion. It was $312.35 billion, $300.4 billion and $307 billion in 2013-14, 2012-13 and 2011-12 respectively.The Government is taking several steps to boost the shipments. Soon it is expected to announce measures in the forthcoming foreign trade policy (FTP).