Sakthivel concerned about over 63% increase in imports
Reacting to monthly Trade Data for June 2022, FIEO President Dr A Sakthivel said that exports of US$37.94 billion with a growth of 16.78%, yet again indicates the strength of the export sector amidst challenging ongoing geo-political and rising global uncertainties.
The growth of over 22% with US$116.77 billion recording highest ever exports during the first quarter of the FY 22-23 shows the commitment and hard work of exporters to achieve newer and newer remarkable milestones.
FIEO President said that the top sectors, which led the exports growth during the month, were Petroleum Products, Gems & Jewellery, Electronic Goods, RMG of all Textiles, Rice and Organic & Inorganic Chemicals, etc.
Labour-intensive sectors also contributed to the exports basket, which itself is a good sign, further helping job creation in the country.
He also reiterated that the benefits of the newly signed FTAs and the PLI Scheme will further help in building as exporters continue to move ahead during the fiscal.
But Dr Sakthivel is concerned about imports growth of over 63% which has been mainly on account of Petroleum Products; Coal, Coke and Briquettes; Gold; Organic and Inorganic Chemicals and Artificial resins and plastic materials which may be looked into.
He also added that rising imports of gold may lead to impressive gems & jewellery exports in the coming months.
High crude prices have also added to the import bill of Petroleum Products, and thereby to the import basket of the country.
Dr Sakthivel also called for further push value-added exports, augment container manufacturing and developing an Indian Shipping Line of global repute.
Further, he wants increase in the validity of RoSCTL and RoDTEP scrips to 24 months and link transferability with realisation, extend RoDTEP to EOUs, SEZ and Advance Authorisation, expand usages of RoDTEP and RoSCTL scrips and logistics support for the sector looking at the higher freight cost. fiinews.com
