SME Times News Bureau | 15 Apr, 2021
Reacting to
March 2021 export figures, FIEO President, FIEO President Sharad Kumar Saraf
said that the monthly exports showed a whopping double digit growth of almost
60.50 percent clocking USD 34.45 billion compared to March 2020, showing not
only impressive signs of further revival for the sector but for the overall
economy as well.
This has
been mainly on account of 28 out of 30 major product groups of exports showing
either a very impressive high positive growth starting with triple digit and
almost all ending with a very high double digit growth defying all the odds
during these difficult times, he said.
The FIEO President added that such a whopping growth in exports during the
month also helped in taking the merchandise exports to over USD 290 billion for
FY 2020-21 during such difficult and torrid times.
He also
reiterated that the support and help provided by the Government especially the
Union Finance Minister and Union Commerce and Industry Minister during these
challenging times has been commendable.
Saraf also
thanked the overall exporting community for achieving such figures even during
these times.
Further an
increase in March 2021 imports by 53.74 percent to USD 48.38 billion compared
to the same period during the previous fiscal led to a trade deficit of
USD 13.93 billion, which is an increase of 39.62 percent during the month is
definitely a concern, which should be looked into.
The FIEO President urges the government to soon notify the RoDTEP rates to
remove uncertainty from the minds of the trade and industry thereby forging new
contracts with the foreigner buyers.
Saraf also
reiterated that the government must address some of the key issues including
announcement of the new FTP soon after September, 2021, adequate availability
of containers, release of the required funds for RoDTEP, MEIS and clarity on
SEIS benefits, softening of freight charges, resolving risky exporters' issues
and continuance of seamless refund of IGST.
Besides long
pending demand for the creation of an Export Development Fund for marketing of
Brand India products and various other infrastructure bottlenecks also needs to
be looked into to bring back exports on the double-digit growth trajectory, he
added.
Further since we have momentum with us, we should aim at exports of USD 350
billion in this financial year so that we not only cover the lost ground but
also help the economy to move to much needed double digit growth, added the
FIEO President.