FY21 exports may fall by 10% if there's no second corona wave: FIEO
India's exports are expected to contract by 10 per cent in 2020-21 with the devastating impact of the coronavirus pandemic slowly receding, and June exports expected to shrink by only 12 per cent, and a huge improvement from May's high 36 per cent, the Federation of Indian Export Organisations (FIEO) has said. However, this calculation also runs the risk of sliding deeper into red if the government pursues a blanket ban on imports from China, FIEO warned at a press conference on Thursday. It reiterated that customs authorities at several ports have ordered sudden examination of Chinese consignments without any official word from the government.
"We need to take a calibrated approach to banning imports from China, as our industry is more dependent on industrial inputs from China than any other nation. Instead of reacting hastily, we have instead suggested to the Directorate General of Foreign Trade that export of