FIEO celebrates its Golden Jubilee on May 04

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SME Times News Bureau | 05 May, 2016
Apex exporters body, Federation of Indian Export Organisations (FIEO) has celebrated its Golden Jubilee Function at Vigyan Bhawan, New Delhi on 4th of May.

FIEO was set up in 1965 has completed 50 years of its service to the exporting community. The Federation started with a small room in Allahabad Bank building moved to its state of art building at Niryat Bhawan, New Delhi. FIEO added 17 more offices and its membership grew from 131 to over 22000 in 2015-16 recording a compound annual growth rate of 10.8% over 50 years base.

S.C.Ralhan, President, FIEO said that the organisation is constantly innovating, upgrading and value adding its services to exceed the expectation of its members and serve the nation. FIEO has extended its arms to support the State Governments through formulation of Export Strategy and Export Policy. The Trade Portal developed by FIEO has provided single window information on all facets of international trade for Indian Exim community. FIEO has played a stellar role in handholding of small entrepreneurs through its workshops, guidance clinic, participation in international trade fairs/exhibitions, selection of technology to name a few, said FIEO Chief.

The elegant Function was attended by the Hon'ble President of India Pranab Mukherjee as the Chief Guest, who presented the 15th Set of FIEO "Niryat Shree" and "Niryat Bandhu" Awards to companies from various sectors of exports besides service providers, banks, various facilitating agencies promoting exports. During the function, the brand new FIEO Logo representing growth, vibrancy, innovation and entrepreneurship was also unveiled by the Hon'ble President of India.

During his keynote address President of India said that the global economic slowdown - by bringing down global demand – has affected India’s exports. It is a matter of some concern that our exports have been continuously decreasing since December 2014.

Indian merchandise exports, recorded at US Dollar 261 billion in 2015-16, constitute a decline of over 15 percent. The Indian service exports were comparatively better, perhaps because of a recovery in our traditional export markets such as the USA, President said. While the export sector remained bleak, there was some comfort brought about by the falling commodity prices globally. With a dwindling import bill, it resulted in a healthy current account deficit of 1.4 percent of GDP in the first three quarters of 2015-16.

President said, "We must be concerned with the volume of trade taking place as falling trade levels impact on the economy, industrial growth and employment levels. The volume of world trade is expected to remain sluggish in 2016, growing at 2.8 percent."

Mukherjee also added that in a scenario such as this, we need to devise cohesive strategies of retaining our market share first and then increasing it. In this context, the Government through its Foreign Trade Policy has initiated a number of measures to promote exports of goods and services.

The Function was also attended by Hon’ble Nirmala Sitharaman, Minister of State for Commerce and Industry (Independent Charge), Commerce Secretary, Rita Teaotia and DGFT Anup Wadhawan as Guests of Honour.

A Coffee Table Book was released at the function by Hon'ble Commerce and Industry Minister, who presented the first copy of the book to the Hon'ble President of India.

In her address, the Commerce and Industry Minister said that the fall in export growth was tapering and better export performance was expected in the coming months.

The Minister said Indian exporters needed to work on improving the standards of their products, and integrate with the global value chain for better performance. She also complimented the Federation on completing its 50 years.

Congratulating the Federation, member exporters and awardees, the Commerce Secretary Ms Rita Teaotia, during her address at the function said that services exports should also be emphasized by the FIEO apart from goods and merchandise exports.