Exports, manufacturing require Budget's focus: Fieo
Reducing the cost of credit for traders and boosting exports as well as manufacturing require special attention in the forthcoming Budget 2014-15, exporters' body Fieo has said.india Updated: Jul 04, 2014 13:48 IST
Reducing the cost of credit for traders and boosting exports as well as manufacturing require special attention in the forthcoming Budget 2014-15, exporters' body Fieo has said.
"Propelling exports, when world economy is expected to grow at over 4.5 per cent, will be much needed both for managing trade deficit, current account deficit as well as generating employment in the country," the Federation of Indian Export Organisations said in a statement.
The finance minister has to find ways and means for reducing the cost of credit which has moved by over 60% in the last three years, it said.
India's trade deficit rose to 10-month high of USD 11.23 billion in May even as exports grew by 12.4%, highest rate in six months, on improvement in the global demand.
India's exports in the last three years have been hovering at around USD 300 billion. India's exports in 2013-14 fell short of the USD 325 billion target and managed to reach USD 312.35 billion. The country's exports stood at USD 300.4 billion in 2012-13 and USD 307 billion in 2011-12.
According to Fieo, India's exports are expected to touch USD 360 billion in the current fiscal.