Increasing protectionism, volatility in currencies and uncertainties clouding over global economy are major challenges: FIEO

New Delhi/Ludhiana, February 15, 2017: Reacting to the Trade Data for the month of January, 2017, Mr S C Ralhan, President, FIEO said that while continuous positive growth in exports for last 5 months is encouraging, the slowdown in global trade is equally affecting us. Going by the current trend, we are expected to reach around US$ 270 billion this fiscal.

India’s export growth is in tandem with global trade growth which is expected to be around 1.7% in 2016. However, President, FIEO said that growth in exports of rice, spices, cashew, oil meals, marine products, engineering goods, organic & inorganic chemicals, augur well for the future. We need to revisit the challenges faced by drugs & pharmaceuticals, gems & jewellery, carpets and plantations commodities so that they may also contribute to export growth in coming months, observed FIEO Chief .

Mr Ralhan said that increasing protectionism, volatility in currencies and uncertainties clouding over global economy pose major challenges for export sector in 2017. He, however, complimented the Commerce & Industry Minister for supporting the export sector through Interest Equalization, MEIS, MAI and TIES Schemes resulting in positive growth in India’s exports when many advance and emerging economies are reflecting contraction in exports month after month.