Exports can reach USD 400 bn by 2013-14: FIEO

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SME Times News Bureau | 27 Dec, 2012
The apex exporters body, Federation of Indian Export Organisations (FIEO) Wednesday exuded confidence to reach USD 400 billion of exports by 2013-14 despite emerging challenges.

Responding to the additional incentive announced on Wednesday to boost exports, M Rafeeque Ahmed, President, FIEO said that extension of Interest Subvention Scheme for one more year much before its expiry shows the pro-active approach of the Government which will provide stability.

Ahmed said that Engineering sector has not done well in exports despite having predominant share in exports and the Interest Subvention extended to large scale industry in certain sub-sectors of Engineering sector would add to the competitiveness of engineering exports.

The initiative for Pilot Scheme for promoting Project Exports would help India to push its merchandise and services exports as well. Looking at opportunities in the Middle East, Iran, Iraq and Africa, Project Exports can emerge as one of the very important sectors of Indian exports.

Ahmed said that the Scheme for incremental growth would act as stimulus for exporters looking at US, EU and Asian markets as these three accounts for close to 80 percent of country’s exports.

President, FIEO added that Government should look at complete EDI connectivity amongst all agencies so as to reduce the Transaction Cost which itself can provide huge relief to Indian exports.