Mr. Aman Kumar, Head- Finance & Procurement, and Mr. Sanjit Mondal, Sr. Manager- Projects & Maintenance, participated in the 2nd edition of the SME Exports Summit organized by Financial Express. In their own words:
India’s exports of merchandise and services touched a record high of $669.65 billion in the financial year 2021-22, an increase of 34.50 per cent from the previous fiscal.
This growth momentum is expected to continue in the current financial year 2022-2023 with exports in April - November period registering a 17.72 per cent growth to $499.67 billion over the same period in the last fiscal year.
However, this phenomenal performance is likely to be impacted by the challenges the global economy is staring at – the slowdown in the western markets such as the US, the UK which are also India’s larger export markets. There are also geo-political issues due to the Russia-Ukraine war which has disrupted the world’s supply chain and contributed to the rise of global commodity prices.
Notably, the Geneva-based multilateral trade body, the World Trade Organization (WTO) has projected that the global trade would grow by only one per cent in 2023, down sharply from its earlier forecast of 3.4 per cent.
This slowdown is likely to impact India as well, however, it might be limited as India’s share in global trade is only two per cent. Plus, the recent spurt of free trade agreements with countries such as Australia, and UAE and active negotiations with the UK, Israel, and Canada, are likely to push exports in the coming months.
The second edition of FEaspire's SMExports will discuss how Indian MSMEs can maintain fast-paced growth by diversifying its exports basket with high-tech manufacturing and value-added products and grow the cross-border trade despite the uncertainties around it.
Aman and Sanjit represented MPME amid an august gathering that included, among others:
Dr. Prafulla Chandra Mishra- Statistical Advisor, Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India
Mr. Ajay Sahai- Director General and CEO, Federation of Indian Export Organizations (FIEO)
Mr. Akash Agrawal- CEO, Freight Forwarding, DP World Subcontinent
Mr. Ashok Saigal- MD, Frontier Technologies and Co-chairman, CII National MSME Council
We are grateful to Financial Express for organizing such a wonderful gathering and covering pertinent topics.
A few images from the event: