Exports May Fall to $265-270 Billion in FY16: Trade Body

New Delhi: India's exports will range between $265 billion and $270 billion in 2015-16, sharply lower than $310.5 billion achieved in the previous fiscal year, exporters' body FIEO said on Thursday.

"According to our assessment exports for the current fiscal will range between $265-270 billion. If this trend continues it may lead to job losses," FIEO director general Ajay Sahai told PTI.

Exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75 per cent to $22.2 billion amid a global demand slowdown.

Mr Sahai demanded that the corpus of the exports development fund - which currently stands at Rs 200 crore - should be enhanced to Rs 3,000-5,000 crore as it was inadequate.

"The export development fund which currently has a corpus of Rs 200 crore is inadequate and should be enhanced to 0.5 to 1 per cent of export value which is anywhere between Rs 3,000 to Rs 5,000 crore. Commerce Ministry has supported this demand. We are now awaiting a response from the Finance Ministry," he said.

During April-December period of the current fiscal year, exports dipped 18 per cent to $196.6 billion as compared to $239.9 billion in the same period of the previous fiscal year, data released by the Commerce Ministry showed.

Besides, FIEO on Thursday signed an agreement with TUV Rheinland India Pvt Ltd, a group company of TUV Rheinland, Germany, to support its members in better understanding the requirements related to standardisation, conformity assessment, product and consumer safety etc.