New Delhi, Mar 20 (KNN) PHD Chamber of Commerce and Industry has projected 545 billion dollars exports with a double-digit exports growth rate of 12 per cent in 2021-22.

''Relief measures provided by the Government have significantly benefited the exporters to resume a normal exports growth trajectory and we project USD 545 billion exports with a double-digit exports growth rate of 12 per cent in 2021-22,'' said Sanjay Aggarwal, President, PHD Chamber in a statement issued on Friday.

The exports in the most difficult year of pandemic COVID-19 are seen consolidating at around 487 billion dollars (merchandise & services) with a decline of (-) 8.8 per cent form the level of 534 billion dollars achieved in 2019-20, said Aggarwal.

He said that the merchandise exports in 2020-21 are seen consolidating at around 283 billion dollars with a decline of around (-) 9.5 per cent from the level of 313 billion dollars achieved in 2019-20 whereas services exports are projected at 205 billion dollars with a decline of (-) 7.2 per cent from the level of 221 billion dollars achieved in 2020-21.

''The total loss to exports in the pandemic COVID-19 impacted year is 47 billion dollars in the merchandise and services exports with a deceleration of (-) 8.8 per cent,'' he added.

He further said that India’s exports faced a challenging time on account of subdued global economic outlook, disrupted supply chains and overall depressive demand scenario in the international markets.

Now the worst is behind us and we are optimistic and projecting a exports growth of 12 per cent in 2021-22 with an increase of 58 billion dollars from 487 billion dollars in 2020-21 to 545 dollars in 2021-22, he said.

He also informed that the merchandise exports are projected at 320 billion dollars in 2021-22 with a growth rate of 13 per cent from the level of 283 billion dollars in 2020-21 and services exports are projected at around 225 billion dollars with a growth rate of 9.7 per cent from the level of 205 billion dollars in 2020-21.

On the back of a plethora of economic reforms undertaken by the Government during the last one year to mitigate the daunting impact of COVID-19 on trade & industry and to boost the competitiveness of our exporters, India’s exports (merchandise & services) are expected to increase in the double digits in next financial year 2021-22.

During the recent years, the Government has undertaken a series of economic and business reforms with a thrust to promote trade and ease of doing business in the country. There has been a major push for trade facilitation with continuous efforts to improve trade infrastructure, single window clearances, reduction in the number of documents required for clearances, digitalization of various application processes, simplification of various export incentive schemes, among others, Aggarwal said.

''The relief measures announced by the Government including extension of Interest Equalization Scheme on pre & post shipment rupee export credit, launch of Common Digital Platform for Certificate of Origin, setting up of Control Room to monitor the issues of trade and industry, among others have facilitated the exporters to fulfill their export orders and to recover to a normal growth trajectory,'' Aggarwal avowed.

''Going ahead, with continued emphasis aimed at facilitation and enhancement of competitiveness of our exporters, there exists much more potential to enhance India’s export performance to a significantly higher growth trajectory amid gradual recovery in the global economic scenario,'' he added.

Furthermore, the announcement of various banking and financial sector relief measures to support domestic industry, especially Micro, Small & Medium Enterprises (MSMEs), which constitute a major share in exports along with the recent Cabinet approval of Production-Linked Incentive (PLI Scheme) to key Sectors including Electronic/Technology Products, Automobiles & Auto Components, Telecom & Networking Products, Textile Products, Food Products, among others would go a long way to re-energies India’s exports growth trajectory and increase its presence in the world economic system.

He also said that the strategy to achieve a higher growth trajectory of exports in goods and services by FY2025 must focus on more prospective products to scale up the export volumes. Focus must be on strengthening the export growth momentum towards emerging and developing economies through greater access in the Asian and African economies.

Structural improvements in export and logistics infrastructure, developing the supply chains and value chains of MSMEs and enhancing the overall ease of doing exports would go a long way to push the growth trajectory of exports to the next level, said Aggarwal.

''Efforts should be made to improve the country’s competitiveness in areas such as the agro and food processing products, textiles and garments, gems & jewellery, drugs & pharmaceuticals, vehicles, parts & accessories of vehicles, petroleum oils, sports goods, furniture, information technology & information technology enabled services (IT &ITeS), accounting and finance services, audio visual services, legal services, communication services, fashion and lifestyle, among others,'' Aggarwal concluded.