Exports may fall 10-12% this year

NEW DELHI: India’s exports are expected to fall 10-12% in the current financial year due to weak global demands, although exporters are getting more enquiries due to anti-China sentiment, lobby group Federation of Indian Export Organisations (Fieo) said on Thursday. Demand across several sectors such as gems & jewellery, apparel, footwear, handicraft, and carpet remains a challenge, Fieo president S K Saraf said.
“We do not expect much improvement in demand. Therefore, we expect 10-12% decline in India’s exports in the current fiscal,” Saraf said, while warning that a second wave of the Coronavirus pandemic could result in a 20% contraction.
Amid calls for boycotting Chinese goods, the trade body said it may not be “feasible” to do it immediately but can be assessed over time.
The lobby group chief suggested resumption of talks for free trade agreements (FTAs), including Regional Comprehensive Partnership Agreement, with China, Asean, Japan, South Korea, Australia and New Zealand, while fully protecting the national interests. Saraf also suggested FTAs with European Union, Australia and New