Chennai: Despite the geo-political tensions, India, for the very first time, is set to cross the $400-billion mark in exports this year, as per the Exim Bank projections.
India’s exports for the March quarter are expected to cross the $100 billion mark for the third consecutive quarter in a row, amounting to $111.3 billion. Compared to the same quarter last year, the county would record a growth of 23 per cent. Of this, non-oil exports will amount to $95.2 billion, growing at 15.8 per cent over the year ago quarter.
Total merchandise exports for the full year are expected to amount to $414.8 billion, growing at 42 per cent over last year. Non-oil exports for the full year are expected to be around $353.4 billion, growing at 33 per cent, during the same period.
“This is the first time we have crossed $400 billion in exports. The previous high was around $320 billion a few years back,” said K .Unnikrishnan, deputy director general, Fieo.
“Till February-end, we have already achieved $372 billion of exports and we can easily cross $400 billion in March...Further, the Russia-Ukraine crisis has not started affecting the trade in general as the orders had already been placed and the goods were in the move. Apart from an uncertainty in the shipments to Russia and the CIS countries, other markets are doing well. However, we are worried about the April-June quarter in case the crisis escalates and starts affecting trade across the globe,” he said.
