India#39;s merchandise exports may cross USD 500 billion this fiscal: Exporters

India#39;s merchandise exports may cross USD 500 billion this fiscal: Exporters

They said that other destinations like Russia would give a huge boost to the country's outbound shipments, particularly in the agri and food processing sectors.











PTI









April 20, 2023 / 07:40 PM IST





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The country's merchandise exports are likely to cross USD 500 billion this fiscal due to healthy demand for domestic goods in key global markets, including the US, and benefits from trade pacts, according to exporters.

They said that other destinations like Russia would give a huge boost to the country's outbound shipments, particularly in the agri and food processing sectors.

Federation of Indian Export Organisations (FIEO) said they are targeting to take the shipments to USD 500 billion-510 billion during the current financial year.

Services exports are likely to reach around USD 390 billion in 2023-24 from USD 322.72 billion in 2022-23.

"Together with goods and services, we are targeting exports of USD 900 billion this fiscal," FIEO Director General Ajay Sahai said.

He noted that free trade agreements with the UAE and Australia would provide a huge platform to boost exports in those markets.

"Production-linked incentive scheme too will provide an impetus to our exports as domestic production would