Therefore, when global imports are declining, our exports are also likely to take a hit,” it said.India’s merchandise exports in April-November are down by about 1.99%. 50% of the global imports today is accounted by electrical & electronics products, automobiles, machinery, petroleum products and plastics products. Our global share in such products is much less than 1%.Saraf further added that India’s exports of high technology products are $20 billion, whereas Malaysia’s exports are $90 billion, Singapore $155 billion, South Korea $192 billion and China, a whopping, $652 billion. India having R&D advantage and professional manpower at its disposal should concentrate on such sectors where global trade is likely to rise further. FDI in high technology could also help in expanding our high technology exports and cornering a greater share in global imports thereby increasing our share to about 2% in the next 3 years, said FIEO President.

Source: Economic Times December 30, 2019 09:33 UTC