New Delhi, Oct 1 (KNN) The lowering of the trade growth to 2.8 per cent from 5.1 per cent forecasted initially, due to falling import demand, currency market swings and lower commodity prices in the global market, does not augur well for India's exports, apex body for exporters FIEO said.

FIEO President S C Ralhan said, “We have seen a continuous decline in exports since December, 2014.”

He also expressed concern about the WTO’s lower trade growth projections for 2016 to 3.9 per cent (from 4 per cent) as it may further adversely affect the country’s exports growth.

Ralhan stated that CAGR of global merchandise exports during past ten years before 2012 was 7.5 percent, while it decreased to 2.5 percent during 2012-14. 

However FIEO Chief is of the view that the Indian exporters have the ability to face such global challenges and take forward the country’s exports growth if necessary government support is made available.

He, therefore, urged upon the government to consider the demand of the exporters in terms of reducing the cost of credit, immediate re-introduction of Interest Subvention Scheme, Reduction of Transaction and Logistics Cost, Expeditious refund of taxes and quick decision on pending issues related to exports. (KNN Bureau)