SME Times News Bureau | 23 Mar, 2019
association FIEO has urged the government to take necessary steps to push the
recently, FIEO President Ganesh Kumar Gupta reiterated his demand for urgent
and immediate support including the issue of augmenting the flow of credit,
higher tax deduction for R&D, outright exemption from GST, Online ITC
refund, interest equalization support to agri exports, etc.
mentioned about demands like benefits on sales to foreign tourists and
exemption from IGST under Advance Authorization Scheme with retrospective
effect. Besides these, budgetary support for marketing and exports related
infrastructure are some of the other key issues, which needs to be looked into
Gupta added that
exporters have managed to do well despite increasing protectionism, tough
global conditions and constraints on the domestic front.
FIEO Chief added that economies
across Asia specially China and South East Asian nations have been showing
signs of sluggishness with contraction in manufacturing due to slowdown in the
global trade and fragile world economy.
Almost all labour-intensive
sectors of exports during the month have moved into the negative territory
including gems & jewellery, leather & leather products, plantation,
handicrafts, carpets, jute manufacturing including floor covering, marine products
etc. besides Petroleum, which also showed negative growth further pulling down
the overall exports for the month, opined Mr Gupta.
18 out of 30 major product groups
were in positive territory, with most of them with marginal growth during the
month. However with this trend, we will be able to achieve merchandise exports
of about USD 330 billion, the highest ever exports for a fiscal.
Imports during February, 2019
declined by 5.41 percent mainly due to decrease in imports of petroleum
products, precious and semi precious stones, gold and silver, which further led
down to the decline of exports from gems & jewellery and petroleum sectors.
Besides imports of transport
equipment and electronic goods were also down. All these sector of imports have
also pulled down trade deficit to a low of about one and half years, said Ganesh