SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 15 Aug, 2020  

FIEO-logoTHMB 'Need for fiscal stimulus for exports sector'

Exports.9.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
SME Times News Bureau | 15 Aug, 2020

Exporters’ association FIEO viewed that there is an urgent need for an export fiscal package so as to revive foreign trade of the country.

FIEO President Mr Sharad Kumar Saraf said that as the global trade forecast still shows a gloomy picture, there is an urgent and immediate need for a special exports package for reviving India’s foreign trade.

Besides creation of an Export Development Fund with 1% percent corpus of the total value of exports during the last fiscal, MEIS of 2% across the board and 4% for labour-intensive sectors and addressing "risky exporters" issues apart from quickly deciding on RoDTEP rates are some of key concerns, which should be immediately considered to give a much-needed boost to the exports sector and the overall economy, he added.

Reacting to July exports, Saraf said that monthly figures have further consolidated as continuous arrest in the decline of exports have led to a lower double-digit negative growth of just 10.21 percent with USD 23.64 billion as against very high negative double-digit growth during April and May this fiscal.

Saraf said that all this has been possible because of the start of business activities across the country and business/order enquiries from almost all major economies like US, EU, Canada, Japan, South Korea, Australia and New Zealand which has helped in bringing the exports sector to almost 90% of the level in July 2019.

Though the monthly exports data depicts a lower double-digit decline in exports, but it must be seen in the context of the recovery that has exceeded our expectation as the government through constant interaction with exporters has been understanding and more importantly addressing the exporters’ problems, added FIEO Chief.

Saraf however feels that the global revival and business sentiments still have not picked up, impacting the global supply chain. He is of the view that the focus should be on FTAs and more of multi-lateral agreements to further revive our exports and take up competition coming from smaller countries like Vietnam, Bangladesh and Taiwan.

16 out of the 30 major product groups were in positive territory during July 2020 and imports during the month showed a high double-digit decline of 28.40 percent with USD 28.47 billion.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter