Sakthivel sees continuous resilience among Indian exporters
Going by the current trend, India is on course to achieve US$400 billion merchandise export target for the current fiscal, and with orders in hand will further increase shipments to US$525-$530 billion in 2022-23, said FIEO President Dr A Sakthivel.
However, he has raised concern about imports clocking US$59.48 billion during Dec 2021, which was up by 38.55% on the year.
The FIEO Chief is of the view that though the government has announced a slew of measures to support exports, the need of the hour is to soon announce extension of the interest equalisation scheme and allow transfer of MEIS and expand usages of RoDTEP and RoSCTL scrips.
He listed some of the other major issues which requires the attention of the government. These are necessary steps with an option to support exporters in case of spread of new variant of Covid-19, encouragement to overseas marketing for exports, fiscal and tax support to address logistics challenges as well as developing an Indian shipping line of global repute.
India recorded the highest-ever exports of US$37.81 billion with a growth of 38.91% during Dec 2021 and US$103 billion during the October-December Quarter of 2021-22 along with an merchandise exports of US$301.38 billion with an increase of 49.66% during April-December 2021-22.
This, FIEO Chief said, is phenomenal in itself, as it has broken all previous records of recent times, showcasing the continuous resilience of India’s exports sector.
The enthusiasm with which the Exim community has impressively performed during the year has further given a boost to the sector, thereby helping the economy further move towards recovery, he added on 14 Jan 2022.
Top sectors, which performed impressively during Dec, were Engineering Goods, Petroleum Products, Gems & Jewellery, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Electronic Goods, RMG of All Textiles, Cotton Yarn/Fabrics/Made-ups, Handloom Products etc, Plastic & Linoleum and Rice. fiinews.com
