Responding to the recently released trade data of March'14, Sanjay Budhia, Chairman, CII National Committee on Export and Export Competitiveness; and Managing Director, Patton International Ltd. said that "Its apparent from the recently released export data of March 2014, that India has missed to reach its export target of US$ 325 Billion for this fiscal as currently it stands at US$ 312 Billion.
"Factors which could be attributed for slowdown in exports are exchange rate volatility, steep hike in global oil prices, curb on gold imports coupled with its direct impact on jewellery export, and regulatory problems confronting India's drug industry in the developed economies. Our neighboring partner China also witnessed slump in exports during March'14, and this could be an indicator of looming slowdown in global demand," said Budhia.
"The economic conditions in the U.S. and the euro zone are not very favorable for exports and we hope the Indian government will help the exporters by providing help by way of including more products and countries for Focus Product Scheme and Focus market Scheme, where we have a comparative advantage and this should be addressed on a priority basis as it will give the necessary push to the industry. We hope an industry friendly FTP is announced soon which will help stimulate India's exports." he added.
