Economic Survey 2023 : Exports show resilience during FY’23 on the back of record levels of Export in FY’22

Cont’d. from Pg. 16

Moreover,acomparisonwiththe position of the current account balance (CAB) for selected countries shows that India’s current account deficit (CAD) is modest and within manageable limits.

According to the Economic Survey, the fortified shock absorbers of India’s external sector are in place to cushion the global headwinds be it the formidable forexreserves,sustainableexternal debt indicators, or marketdetermined exchange rate. While forex reserves as of the end December 2022 stood at US$ 562.72 billion, accounting for 9.3monthsofimportsandtheratioofexternaldebttoGDP is at a comfortable level of 19.2 per cent as of endSeptember2022.

In its outlook for the external sector, the Economic Survey states that the export outlook may remain flat in the coming year if global growth does not pick up as indicated by many forecasts. In such cases, diversification of product basket and destination which India is taking through FTAs would be useful to enhance trade opportunities. It also says that given benefit of the lower age of the working population along with the advantages of economies of scale, India has the potential to cater to the global demand for several products in a cost effective manner. The recent softening of global crude oil prices augurs well for India’s POL imports. The survey says that India is cementing its position as the top remittance receiver in the world, with inward remittances projected to be at record levels during 2022. The CAD would be within manageable limits and eminently financeable. The stock of India’s external debt hasbeenprudentlymanaged.

PhysicalandDigitalInfrastructure Government’sVisionforInfrastructureDevelopment

•PublicPrivatePartnerships

• In-Principal Approval granted to 56 projects with Total Project Cost of 57,870.1 crore under the VGF Scheme, from2014-15to2022-23.

• IIPDFSchemewith150croreoutlayfromFY23-25was notifiedbythegovernmenton03November,2022.

•NationalInfrastructurePipeline

• 89,151 projects costing 141.4 lakh crore under different stages of implementation

• 1009projectsworth5.5lakhcrore completed

• NIP and Project Monitoring Group (PMG) portal linkage to fast-track approvals/ clearances forprojects

•NationalMonetisationPipeline

• 9.0 lakh crore is the estimated cumulative investment potential.

• 0.9 lakh crore monetisation target achieved against expected0.8lakhcroreinFY22.

• FY23 target is envisaged to be 1.6 lakh crore (27 per centofoverallNMPTarget)

•GatiShakti

• PM GatiShakti National Master Plan creates comprehensive database for integrated planning and synchronised implementation across Ministries/ Departments.

• Aims to improve multimodal connectivity and logistics efficiency while addressing the critical gaps for the seamlessmovementofpeopleandgoods.

MakingIndianLogisticsGloballyCompetitive

• National Logistics Policy envisions to develop a technologically enabled, integrated, cost-efficient, resilient, sustainable and trusted logistics ecosystem in the country for accelerated and inclusive growth.

• Rapid increase in National Highways (NHs) /Roads Construction with 10457 km NHs/roads constructed in FY22comparedto6061kminFY16.

• Budget expenditure increased from 1.4 lakh crore in FY20 to 2.4 lakh crore in FY23 giving renewed push to Capitalexpenditure.

• 2359 Kisan rails transported approximately 7.91lakhtonnesofperishables,asofOctober2022.

• Morethanonecroreairpassengersavailedthebenefit oftheUDANschemesinceitsinceptionin2016.

• Neardoublingofcapacityofmajorportsin8years.

• Inland Vessels Act 2021 replaced 100-year-old Act to ensure hassle free movement of Vessels promoting InlandWaterTransport.

India's growing and diversifying merchandise trade, led to an increase in goods exports by 9-10 percent during the current fiscal: Dr A Sakthivel, President, FIEO

NEW DELHI: Commenting on the Economic Survey 2022-23, Dr A Sakthivel, President, FIEO saidthatthesurveyhasrightlyhighlighted India’s growing and diversifying merchandise trade, as the goods exports increased to USD 332.8 billion during April-December 2022-23 as against USD 305billionduringthesameperiodpreviousfiscal.Thecountry has been able to face the global headwinds strongly and has shown its resilience especially the exports sector on the back of strong macro fundamentals. The new diversified markets including those of Brazil, South Africa and Saudi Arabia has led to the increase in exports by up to 2 times, added FIEO President. Dr Sakthivel further added that increasing market size can been mainly attributed to the Trade Agreements especially the recently concluded FTAs with UAE and Australia. The ongoing trade negotiations with UK, EU, Canada, Israel etc, will also add further impetus to our exports.

FIEO Chief reiterated that as Indian economy is staging a broad-based recovery across sectors, positioning to ascend to pre-pandemic growth levels in FY23, the projections for India's GDP growth is expected to remain robust during FY24 in the range of 6-6.8 %. Credit to Micro, Small and Medium Enterprises(MSMEs)hasgrownbyanaverageofaround30% since January 2022 and credit to large industry has been showingdouble-digitgrowthsinceOctober2022,whichisgood sign and will help in further reviving the manufacturing and exports during such these challenging times, said President, FIEO. Reducing the cost of logistics in the country, which now to the tune of 14-15%, comparable to global benchmark, will help in making our exports more competitive worldwide. And in that regard development of an Indian shipping line of global repute is the need of the hour, as exporters are solely at the mercy of foreign shipping lines and the country repatriated over USD 80 Bn as transport services cost during the calendar year 2021. With all these happening, we expect to touch USD 440-450 billion merchandise exports during the currentfiscal,saidFIEO.

m.v. “MSC QINGDAO” V-IV304A I.G.M.No.2334077 Dt.31-01-2023 Exch.

Rate 83.71

The above vessel has arrived on 31-01-2023 at NHAVA SHEVA (NSIGT) with import cargo to NHAVA SHEVA from BAHRAIN, PARANAGUA, DJIBOUTI, ALGER, SOKHNA PORT, MALAGA, BARCELONA, GIJON, ALMERIA, VALENCIA, FOS-SUR-MER, LE HAVRE, GREENOCK, HERAKLION, CIVITAVECCHIA, GENOA, TRIESTE, AL 'AQABAH, BEIRUT, AD DAMMAM, KING ABDULLAH PORT, KOPER, ISTANBUL, CHARLESTON, HOUSTON, NEW YORK. Please note the item Nos. against the B/L Nos. for NHAVA SHEVA (NSIGT) delivery.

Consignees are requested to kindly note that the above item nos. are for the B/L Nos. arrived for Nhava Sheva delivery.

Consignees are requested to collect Delivery Order for all imports delivered at Nhava Sheva from our Import Documentation Dept. at Nhava Sheva - DN210 / DN211 / DN212, D-Wing, 2nd Floor, NMSEZ Commercial Complex, Plot No. 6, Sector - 11, Opp. JNPT Township, Dronagiri Node, Navi Mumbai - 400 707 , India and Mumbai - 1st Floor, MSC House, Andheri Kurla Road, Andheri (East), Mumbai - 400059 on presentation of duly discharged Original Bill of Lading and payment of relevant charges.

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