The exports figure for the month of May, 2017, as expected, showed yet another consecutive and positive growth depicting the enormous strength and capability of India’s manufacturing said FIEO President Ganesh Kumar Gupta. FIEO President exuded the confidence and hope that the exporters will continue to showcase their true potential in coming months in further achieving higher growth trajectory for exports.
FIEO President further added that the growth in all major sectors in 21 out of 30 major product groups, continued with almost similar positive trend in May, 2017 also. Gupta said that Engineering goods, Gems & Jewellery, Petroleum, RMG of all textiles, Organic & Inorganic chemicals, Marine exports, which all have major contribution in the exports basket have once again contributed with their robust performance. However, the decline in pharmaceuticals exports is a cause of concern which needs to be studied and addressed quickly.
According to the FIEO President, the increasing imports is primarily on account of high imports of petroleum, electronic goods, coal, gold, pearls, precious and semi-precious stones, which has in recent times augured well for Gems & Jewellery exports from the country. However, the continuous growth in gold and electronics imports requires a closure look added Gupta.
With the implementation of upcoming GST and release of the mid-term review of the Foreign Trade Policy due, the exporters are of the view that the timely support will help in giving further fillip to this continuing positive growth trend said Gupta. Further FIEO Chief feels that issues and challenges with regards to currency appreciation and protectionism should also be looked into by the government.