Aim for $350bn exports for the year, says Saraf
The Government must address some of the key issues including announcement of the new Foreign Trade Policy (FTP) soon after September 2021, says FIEO President Sharad Kumar Saraf in welcoming the strong growth in March exports.
March exports showed a whooping double-digit growth of almost 58.50% clocking US$34 billion compared to March 2020, mainly on account of 28 out of 30 major product group of exports showing either a very impressive high positive growth starting with triple-digit and almost all ending with a very high double-digit growth defying all the odds during these difficult times.
Such a whooping growth in exports during the month also helped in taking the merchandise exports to over US$290 billion during such difficult and torrid times, which was well forecasted by FIEO.
Commenting on the growth in export numbers, Saraf said, “This showed not only impressive signs of further revival for the sector but for overall economy as well.
“Since we have momentum with us, we should aim at exports of US$350 billion in this financial year so that we not only cover the lost ground but also help the economy to move to much needed double-digit growth.”
But Saraf reiterated the need for the long-pending demand for the creation of an Export Development Fund for marketing of Brand India products and various other infrastructure bottlenecks which needs to be looked into to bring back exports on the double-digit growth trajectory.
He listed other products that contributed to the whooping performance by the exports sector during the month.
These were: Cereals, Oil meals, Iron ore, Jute manufacturing including floor covering, Carpet, Electronic Goods, Gems and Jewellery, Engineering goods, Cereal preparations and miscellaneous processed item, Rice, Spices, Cotton yarn/fabrics/made-ups, handloom products, Meat, dairy and poultry products, Ceramic products and glassware, Drugs and pharmaceuticals, Organic and Inorganic Chemicals, Plastic and linoleum, Handicrafts excl. Hand-made carpet, Marine products, Man-made yarn, fabrics, made-ups, Mica, coal and other ores, minerals including process, Petroleum products, RMG of All Textiles, Coffee, Fruits and vegetables, Leather and leather manufactures, Tobacco, and Tea.
The FIEO Chief also applauded the support and help provided by the Government and thanked overall exporting community for achieving such figures even during these times.
Expressing concern, FIEO urged the authorities to look into the increase in March 2021 imports of US$48.12 billion, which was up by about 53% on the year and led to a trade deficit of US$14.11 billion, an increase of 41.40% over the corresponding period of last year.
Saraf continued to urge the government to soon notify the Remission of Duties and Taxes on Export Products (RoDTEP) rates to remove uncertainty from the minds of the trade and industry thereby forging new contracts with the foreigner buyers.
He also reiterated that adequate availability of containers, release of the required funds for RoDTEP, Merchandise Exports from India Scheme (MEIS) and clarity on Service Exports from India Scheme (SEIS) benefits, softening of freight charges, resolving risky exporters’ issues and continuance of seamless refund of Integrated Goods and Services Tax (IGST). #exports #shipping #manufacturing #taxes #investment /fiinews.com
