SME Times News Bureau | 03 Jul, 2021
Reacting to the trade data for the first quarter of the FY’
2021-22, FIEO President A Sakthivel said that the highest-ever quarterly growth
in exports of 85 percent with USD 95 billion over FY’ 2020-21 and by 18 percent
over FY’ 2019-20 not only shows the resilience of the exports sector but also
the strength of the Indian economy.
Sakthivel also reposed faith in the overall exporting
community, who in these difficult and challenging times have continuously been
able to perform with vigour and dynamism.
Exports for June, 2021, which for the fourth time in a row,
have shown a very impressive growth of 47 percent with USD 32 billion during
the month, also augurs well for the overall foreign trade sector of the
country, added FIEO Chief.
Sakthivel reiterated that the top sectors, which performed
impressively during the first quarter of the FY’ 2021-22 starting with 3-digit
growth were Iron-ore, Rice, Cotton Yarn/Fabs/Made-ups, Handloom Products etc.,
Engineering Goods, Plastics & Linoleum, Organic & Inorganic Chemicals,
Electronic Goods, Petroleum Products, Marine Products and Drugs &
Pharmaceuticals.
The FIEO President emphasised that as the labour-intensive
sectors were main contributors to these ten impressively growing sectors during
the quarter, this will further help in creating jobs in the country, being the
most relevant in the current context.
The FIEO Chief complimented the government specially the
Union Finance Minister, Commerce Minister and Textile Minister under the able
and dynamic leadership of the Prime Minister Narendra Modi for the continuous
support to the sector during such challenging times.
Increase in both quarterly and monthly imports by about 108
percent and 96.33 percent compared to the same period during the previous
fiscal, should be looked into.
The FIEO President reiterated that though the government has
announced a slew of measures during recent times to support exports with the
extension of Interest Equalisation Scheme by 3 months to September 30, 2021 and
the today’s announcement of the Union MSME Minister on revised guidelines for
MSMEs with the inclusion of retail and wholesale traders as MSMEs, which will
help 2.5 Crore traders to get benefit of priority sector lending under RBI
guidelines.
Further the need of the hour is to soon notify the RoDTEP
rates to remove uncertainty from the minds of the trade and industry, besides
addressing some of the key issues including priority status to exports sector,
release of the necessary funds for MEIS and clarity on SEIS benefits, resolving
risky exporters' issues and continuance of seamless refund of IGST and more
importantly continuing with IGST option for exports, he said.