Challenging time for exports; requires multi-pronged approach: FIEO

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SME Times News Bureau | 16 Oct, 2015
Expressing his disappointment over export data for the month of September, 2015, S C Ralhan, President, Federation of Indian Export Organisations (FIEO) said that 24.33 percent decline in exports and overall decline of 17.6 percent in first six months of the current fiscal will put enormous pressure even in realizing the export figure which we achieved in 2014-15.

As against 7 sectors which were in positive out of 30 for which disaggregated data is available for August, the number of sectors have further compressed to 6 only for the month of September, 2015-16.

Some of the sectors like Tea Coffee, Ceramic products and glassware and Gems & Jewellery which were positive in August 2015 have turned out negative in September, 2015. However, Tobacco, Oil meals and Cereal preparations have been added to the new list of products showing positive growth besides Drugs & Pharma, Jute manufacturing including floor coverings and Handicrafts.

President, FIEO said that the reduction in expected credit rates following reduction in key rates by RBI and encouraging IIP and Manufacturing data for the month of August, is expected to show better exports result in October, 2015 as generally there is two-three months lead time between manufacturing and exports.

Ralhan requested for immediate reintroduction of Interest Subvention, expansion of MEIS benefits and reduction of transaction cost by reducing procedural complexities and paper work.

President, FIEO suggested that the top 36 products, identified by FIEO, which shows good potential in exports of the country and in which world imports is also increasing needs to be given further push to add to India's exports.