India exported $302.8 billion worth of goods during FY2017/2018, a 9.78 per cent rise over the previous year. The non-petroleum, non-gems and jewellery category in the export basket was valued at $222.45 billion, an increase of 10.73 per cent. What is encouraging is the fact that this growth figure covers a period that saw India go through the birth pangs of one of the biggest reforms, the implementation of the Goods and Services Tax (GST) and an increasingly vigilant institutional lending system.
It is fair to say that Indian exporters, largely, weathered through. The government can now prioritise those segments that are still languishing. An extra push will help labour-intensive sectors that are still in the negative growth territory due to banks tightening lending norms or the ones facing cash crunch due to delayed GST refunds.
Joe C. Mathew