Krishnagiri: Federation of Indian Export Organisations said it aims to increase India's share in world exports from 1.7 per cent in 2013 to a 'respectable ballpark figure' of at least 4 per cent within 5 years. FIEO Chairman (South Region) Walter D'Souza said the global crisis of 2008, the subsequent sovereign debt crisis and continued recession in Eurozone reduced the global economy's average growth rate to around 3 per cent, compared to 5 per cent from 2005-07.
Speaking to reporters after inaugurating a seminar on 'Strategic Export Management' at nearby Hosur, he said India missed its export target for 2013-14. Shipments declined for the second straight month in March 2014 as demand from key markets failed to pick up. Dip in gems and jewellery and electronics exports largely contributed to the fall, he said.
Exports in March fell 3.15 per cent to USD 29.5 billion, while overall shipments in 2013-14 increased 3.98 per cent to USD 312.35 billion as against the target of USD 325 billion. D'Souza said the trade deficit was however about 25 per cent lower than the previous fiscal as imports declined due to a sharp fall in gold and silver imports, which fell by 40.2 percent to USD 33.46 billion in response to stringent restrictions. Exports in April were valued at USD 25.63 billion, 5.26 per cent higher in dollar terms than USD 24.36 billion in April 2013.
Imports in 2014 were valued at USD 35.720 billion, a 15 per cent negative growth in dollars, he said. D'Souza said that as per IMF's World Economic Outlook, April 2014, global activity strengthened in the second half of 2013 and is expected to improve in 2014-15, with much of the growth impetus coming from advanced economies. Global growth was now projected at around 3.6 per cent in 2014, and 3.9 per cent in 2015. "FIEO aims to increase India's share in world merchandise exports from 1.7 per cent in 2013 to a respectable ballpark figure of say at least 4 per cent in the next five years," he said.
