India merchandise exports to grow 33% to $98.45 bn in Q2 of FY22: Exim Bank

Non-oil exports will grow 28.3 per cent, says the institution as it attributes growth to low-base effect.

The country’s merchandise exports will grow 33 per cent to amount to $98.45 billion in the second quarter of FY 2021-22, said India Exim Bank on Friday, joining a slew of institutions predicting the economy to improve as coronavirus cases decline.

Non-oil exports will amount to $85.63 billion, growing at 28.3 per cent compared to the corresponding quarter in the financial year before. "The rise in India’s exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand,” said the Bank.

An increase in commodity prices contributed to exports growing.

S&P Global Ratings said on Wednesday it expected India to post strong economic growth in coming quarters, even as inflation, led by food prices, is likely to remain elevated,.

The economy is expected to clock 9.5 per cent growth in the current fiscal year, followed by 7 per cent expansion in the next year, it said,