India’s exports may fall 10% in FY 21, says exporters’ body

New Delhi, June 25 (IANS) India’s exports in financial year 2020-21 are likely to decline 10 per cent, according to the Federation of Indian Export Organisations (FIEO).

In a statement, FIEO said that in case of a second wave of coronavirus infection, the exports may plunge 20 per cent.

The exporters’ body noted that Indian exporters are receiving lots of enquiries from countries where anti-China sentiments are high and many of these enquiries have been converted into orders, as well.

“However, the demand in employment intensive sectors like gems and jewellery, apparels, footwear, handicrafts, carpets is still a challenge. We do not expect much improvement in demand. Therefore, we expect around 10 per cent decline in India’s exports in the current fiscal,” it said.

It said that the export recovery is likely to be led by pharmaceuticals, medical and diagnostic equipment, technical textiles, agriculture and processed foods, plastics, chemicals and electronics.

Since the domestic demand for petroleum products is extremely low, we may see increasing exports of petroleum as well for such companies to sustain in business, it added.

–IANS

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