Saraf aims for $350bn export for FY2020-21
India’s March exports showed a whopping double-digit growth of almost 60.50% clocking US$34.45 billion compared to March 2020, showing not only impressive signs of further revival for the sector but for overall economy as well, FIEO President Sharad Kumar Saraf said on the big rebound in exports.
The whopping growth in exports during the month also helped in taking the merchandise exports to over US$290 billion for FY 2020-21 during such difficult and torrid times, which was well forecasted by FIEO, said Saraf.
“Further 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,” he said in welcoming the official data on demand for Indian products in international markets.
The strong growth in exports has been mainly on account of “28 out of 30 major product groups 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”, he highlighted.
He listed products having contributed to the March exports. These are other cereals, Oil meals, Iron ore, Jute mfg. 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 etc., 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 etc., 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 reiterated that the support and help provided by the Government especially the Finance Minister and Union Commerce and Industry Minister during these challenging times has been commendable.
He also thanked the overall exporting community for achieving such figures even during these times.
Further an increase in March 2021 imports by 53.74% to US$48.38 billion compared to the same period during the previous fiscal led to a trade deficit of US$13.93 billion, an increase of 39.62%. This is definitely a concern, which should be looked into, he added.
Saraf has again urged the government to soon notify the 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 the government must address some of the key issues including announcement of the new Foreign Trade Policy soon after September 2021, adequate availability of containers, release of the required funds for RoDTEP, MEIS and clarity on SEIS benefits, softening of freight charges, resolving risky exporters’ issues and continuance of seamless refund of IGST.
Besides long pending demand for the creation of an Export Development Fund for marketing of Brand India products and various other infrastructure bottlenecks also needs to be looked into to bring back exports on the double-digit growth trajectory, he said. #exports #shipment #subsidies #economies #manufacturing /fiinews.com
