May 29, 2018 / 9:22 AM / 10 months ago

India's exports seen hitting $350 billion in 2018/19 - trade body

Cargo containers are seen stacked outside the container terminal of Jawaharlal Nehru Port Trust (JNPT) in Mumbai, India, July 15, 2015. REUTERS/Shailesh Andrade/File Photo

NEW DELHI (Reuters) - 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 percent to 3 percent, Gupta added.

Reporting by Nidhi Verma, Writing by Subrat Patnaik, Editing by Sherry Jacob-Phillips

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