The country's exports may reach $290 billion by the end of this fiscal as the outbound shipments were hit hard by the COVID-19 pandemic during the first half of the year, FIEO said on Wednesday. Federation of Indian Exports Organisations (FIEO) President Sharad Kumar Saraf also said that 2021 would bring a ray of hope and optimism for the exporting community.
"We are confident that a V- shaped recovery will be witnessed in world trade and we will recover much more from what we lost in 2020. Since the first and second quarter have been pretty bad, we may end the financial year 2020-21 with exports of around $290 billion," he said in a statement.
However, looking into the good order booking position for food including processed food, pharma, medical and diagnostic products, technical textiles, chemical, plastics, electronics and networking products, "we should endeavor to take exports to $350 billion in 2021-22," he added.
He suggested that the government should focus on sectors where major imports are happening and boost traditional sectors, which are important for exports as well as employment.
During April-November 2020-21, exports dipped by 17.8 per cent to $173.66 billlion. India's exports dipped by 4.78 per cent to $314.31 billion in 2019-20.