India's exports to rise over 15 pct in 2022-23 FY

NEW DELHI, March 15 (Xinhua) -- India's aggregate exports are expected to grow over 15 percent in the current financial year (April 2022-March 2023) over the last financial year, the government and industry experts said on Wednesday.

India's overall exports are projected to grow at 16.18 percent during April 2002-February 2023 compared to the same period last year, with one month remaining in the current financial year, the Ministry of Commerce and Industry said in a statement.

According to the ministry, merchandise exports registered a growth of 7.55 percent during the 11 months over the same period last year, while the services exports remained strong and are projected to grow at 30.48 percent over the same period last year.

Giving the export data for the 11 months of the current financial year, the ministry said the overall exports stood at 702.88 billion U.S. dollars compared to 605.01 billion U.S. dollars during the same period last financial year.

President of the Federation of Indian Export Organisations (FIEO) A. Sakthivel said, "We expect 2022-23 to end up with export of 770-780 billion U.S. dollars, which will be over 100 billion U.S. dollars as compared to aggregate export of 672 billion U.S. dollars recorded in 2021-22, thus exhibiting a high growth of 15-16 percent."

He stated that these figures assume greater significance when seen in the backdrop of global headwinds accentuated by geopolitical uncertainties, rising inflation, contraction in demand and high interest rates.