India's Export Engine May Be Muted Owing To Global Headwinds, Says Finance Secy

India's exports engine might not perform to the best of its abilities due to global economic headwinds, according to Finance Secretary Ajay Seth.

Speaking at a Skoch group event in New Delhi, Seth said exports is one of India's four engines of growth but might not explore its full potential in the medium term.

Seth said that for this year's Budget, Finance Minister Nirmala Sitharaman had picked four engines of growth -- agriculture, MSME and manufacturing, investments and exports.

"We have to produce for the world, but going forward, in the medium term, the exports engine may not be performing to the best of its abilities due to headwinds," he said.

The top bureaucrat added that we're in the midst of a tough global geopolitical, economic environment. "Economic difficulties faced by other countries is getting accentuated in their geopolitical stance. Going forward, I don't see the uncertainties subsiding in the medium term. Nations seem to be moving from cooperation to competition," he said, adding that even the largest economy (the US) is moving towards reorientation of economy itself as a realisation that something needs to be done differently going ahead.