FIEO expects exports to touch $500 bn in 2017-18

Kolkata, April 4 : The Federation of Indian Exports Organisations (FIEO) on Tuesday said country's merchandise and services exports are expected to reach around $500 billion in 2017-18.

The Federation also expects to end fiscal 2016-17 with an export of about $270-275 billion as against $262 billion in the previous year, with a growth of around 3-4 per cent for the year in the merchandise sector whereas in services sector an export of $160 billion is expected in 2016-17.

"The merchandise exports are expected to be around $315 billion and services exports to about $185 billion in financial year 2017-18," said Federation's new President Ganesh Kumar Gupta.

According to him, a greater emphasis needs to be given to exports in the new GST regime with liquidity being the key challenge for the exporters.

In the upcoming mid-term review of the Foreign Trade Policy, there is a need to relook at further diversify the product basket focusing more on high-tech products where India's share in global trade is very low, to further compete in the international market, Gupta added.