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India's exports seen hitting USD 350 bn in 2018-19: trade body

REUTERS
Published : May 29, 2018, 3:24 pm IST
Updated : May 29, 2018, 3:24 pm IST

FIEO also hopes India will actively engage with the United States to protect local industry’s interest.

A USD 2 billion fraud at a state-run bank has raised the cost of funds for exporters by 1 per cent to 3 per cent.
 A USD 2 billion fraud at a state-run bank has raised the cost of funds for exporters by 1 per cent to 3 per cent.

New Delhi: India’s exports could rise as much as a fifth in the current fiscal year ending March 2019 to reach about $350 billion, a leading trade body said on Tuesday.

The Federation of Indian Export Organisations (FIEO) also hopes India will actively engage with the United States to protect local industry’s interest, said Ganesh Gupta, president, FIEO.

A move by the central bank to ban trade credit instruments such as letters of undertaking and letters of comfort after a $2-billion fraud at a state-run bank has raised the cost of funds for exporters by 1 per cent to 3 per cent, Gupta added.

Tags: export, fieo, central bank, trade
Location: India, Delhi, New Delhi