Export sector to contribute over 50% of incremental growth in GDP: FIEO

Commenting on India reaching a new milestone of US $400 billion in merchandise exports in the current financial year, Dr. A Sakthivel, President, FIEO, said that it is entirely due to the vision and belief of the Hon’ble Prime Minister and his address to exporters on August 6, 2021, which galvanised the entire exporting community and made them realise that such a stupendous target is achievable. The ecosystem provided by the government through various supportive measures contributed in no small measure. What is remarkable about this year’s exports is the growth exhibited across sectors by both the employment-intensive and sunrise sectors. These figures also reflect that exports have become more inclusive with the participation of craftsmen, artisans, farmers, fishermen, women entrepreneurs, and small businesses, added Dr. Sakthivel.
We are also grateful to the Hon’ble Commerce & Industry Minister for constantly engaging with exporters and addressing challenges faced by them so that we remain on course. His 360-degree approach helped us to continue to export in a seamless manner, focussing on the target. The Hon’ble FM also helped through an infusion of liquidity through ECLGS and other schemes.
Crossing US $400 billion is a remarkable achievement, particularly as we will be adding over US $110 billion in one year to get here, despite huge logistics challenges including container shortages, sky rocketing freight and liquidity constraints, observed President FIEO. Services exports will add another US $40-45 billion to the US economy this year. Over 50 per cent of the incremental growth in GDP this fiscal year will be contributed by the export sector. Exports are now set to transform the Indian economy. What is more important is to build on it as we will have the benefits of new FTAs/CEPAs and the PLI Scheme backing us. We will build on such remarkable achievements as those exuded by Dr. A. Sakthivel.