Exports may be slow down in FY23 due to Covid, supply issues

India’s outbound shipments growth may slow down in 2022-23 compared to the previous fiscal year due to new variants of Covid-19 and supply-side challenges, the Federation of Indian Export Organizations (FIEO) said on Thursday. Exports clocking 15-20 percent growth or more in the next fiscal will depend on whether the pandemic is contained through massive vaccination across the globe and creation of required capacity, the exporters’ body said in a statement.

“Looking into the emergence of the new variants and supply-side challenges at this point of time, we would like to be a little conservative and will aim for an export of $460-475 billion during the next fiscal,” said FIEO President A Sakthivel.