Reacting to the October 2018 exports figures, Mr Ganesh Kumar Gupta, President, FIEO, said the month’s data shows that exports are again back on the double-digit growth trajectory during the ongoing festive season. The value of exports during the month was close to $27 billion, which reaffirms FIEO’s assessment of reaching the new milestone of $ 350 billion in the current fiscal, the highest-ever, he stressed.
22 out of the 30 major product groups, as against 16 out of 30 in the previous month, were in positive territory during October 2018, which shows the resilience and hard work being put in by the exporting community, he said.
Import growth in October was also on the higher side, which may push up the current account deficit and inflation. However, the declining trend in crude oil prices may provide some respite on both fronts, he observed.
Mr Gupta once again reiterated his demand for augmenting the flow of credit to the export sector, pointing out that a sharp decline in credit when exports are growing in double-digits does not augur well. He appreciated the initiatives taken by the Finance and Commerce Ministers for addressing the issue and hoped that banks will positively respond soon.
The FIEO President exuded confidence that despite increasing protectionism and high volatility in currencies, Indian exporters have and will continue to get new orders, and remain bullish on exports in the short to medium term.
