Exports poised to grow on global demand rise

It is expected to grow this year with a rise in global demand

India’s exports, which failed to capitalise on the falling rupee because of the adverse effects of demonetisation, are expected to grow this year with a rise in global demand.

The commerce ministry has suggested a revision in the export basket and focusing on labour-intensive products rather than raw materials. This is important with regard to China, India’s second-largest trading partner, with which India had a $61 billion current account deficit in 2015-16. 

“Sectors such as hardware, electronics, pharmaceuticals, textiles and auto components have been identified for pushing export growth,” a commerce ministry official said.

For engineering goods exports,