Exports likely to fall in 2009-10: FICCIApril 5th, 2009 - 4:29 pm ICT by IANS
New Delhi, April 5 (IANS) Amid falling overseas demand, India’s export sector is likely to post negative or flat growth in the current fiscal, said an industry lobby Sunday.
According to a survey conducted by the Federation of Indian Chamber of Commerce and Industry (FICCI), about 61 percent exporters feel the export sector would not pick up in 2009-10 as the world economy continues to deteriorate.
Engineering goods, gems and jewellery, chemicals, marine products, tyres and leather sectors are expected to post negative or zero growth in exports.
On the other side, the export of processed food and agro-items like oil meals, sports goods and apparels will likely report a modest growth of 1-5 percent.
“Exports of drugs and pharmaceuticals are likely to rise by over 13 percent in 2009-10, down from 23 percent last year, while handicrafts sector cannot specify the growth prospects because all depends on how the Western economies would cope with the meltdown,” the survey said.
Nearly 56 percent of respondents found that the depreciation of rupee has had moderate positive effect on exports.
In 2008-09, handicrafts and marine products were estimated to see 25 percent fall in exports, the FICCI said.
Other major sectors that would see export fall are: gems and jewellery, leather, chemicals and allied items, tyres, ores and minerals.
The industry lobby, however, said the engineering sector, which posted 46 percent growth in the first half of last fiscal, was likely to meet the growth target set for the fiscal.
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Tags: chamber of commerce and industry, depreciation, export sector, federation of indian chamber of commerce and industry, ficci, gems, growth prospects, growth target, handicrafts, indian chamber of commerce, leather chemicals, meltdown, ores and minerals, processed food, rupee, sports goods, tyres, western economies, world economy, zero growth