FIEO calls on the Government to provide freight support
Steady recovery in global trade added with the expectation of buoyant order booking position for the coming months has led to such continuous growth in exports, according to FIEO President Dr A Sakthivel, following the 45% growth in August exports which touched US$33.14 billion
“The continuous growth in exports since March this year not only augurs well for the economy as whole but also yet again reiterates the commitment and hard work of the exporting community,” he said on 2 Sept 2021. It also goes to show that exporters have continuously been giving their best in response to the Government’s call of achieving a US$400 billion export target for the fiscal.
The Government’s vision of Atma Nirbhar Bharat with the focus on both manufacturing and services has also given a much-needed boost to the sector, he noted.
The FIEO President said that the top sectors, which performed impressively during the month were Engineering Goods, Petroleum Products, Gem & Jewellery, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Cotton Yarn/Fabrics/Made-ups, Handloom Products etc., RMG of All Textiles, Electronic Goods, Plastic & Linoleum and Rice.
Dr Sakthivel emphasised that many labour-intensive sectors were major contributors, which itself is a good sign, further helping job creation in the country.
However, imports clocked US$47.01 billion during August, growing by 51%, he noted.
Further, FIEO is of the view that though the government has announced a slew of measures to support exports including the announcement of much awaited RoSCTL and RoDTEP. “However, the need of the hour is to soon address the left out key issues on RoDTEP front,” he highlighted.
Besides issues including priority status to exports sector, release of the necessary funds for MEIS and clarity on SEIS benefits, resolving risky exporters issues, augmenting the flow of empty containers and establishing a regulatory authority to seek justification of freight hike and imposition of various charges by the shipping lines need urgent intervention of the government, said the FIEO Chief.
He urged the Government to provide freight support to all exports till 31st March 2022 as freight rates have skyrocketed. #exports #manufacturing #investment #economy /fiinews.com