May 29, 2018 / 9:22 AM / 3 months ago

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

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.

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

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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