SME Times News Bureau | 03 Nov, 2021
Reacting
to the monthly trade data for October, FIEO President A
Sakthivel said that the monthly exports performance of USD 35.47 billion
with an impressive double-digit growth of more than 42 percent,
signifies the importance of opening up and further recovery of economies
across the globe coupled with buoyant order booking position across
sectors.
This has not only added positive sentiment for exports but has
also further enthused the exporters to perform with much more vigour and
zeal thereby achieving the USD 400 billion merchandise exports target
in the current fiscal.
The FIEO Chief also praised efforts of the
exporting community, who have continued to perform remarkably well
during these challenging times.
Sakthivel also welcomed the steps taken by the government under the
able and dynamic leadership of Prime Minister Narendra Modi and
also the Union Finance Minister and the Union Commerce & Industry
and Textiles Minister for showing confidence and trust on the exporters.
The FIEO President said that the top sectors, which performed
impressively during the month were Engineering Goods, Petroleum
Products, Gem & Jewellery, Organic & Inorganic Chemicals, Drugs
& Pharmaceuticals, Electronic Goods, Cotton Yarn/Fabrics/Made-ups,
Handloom Products etc., RMG of All Textiles, Marine Products and Plastic
& Linoleum.
Sakthivel emphasised that many labour-intensive
sectors were major contributors, which itself is a good sign, further
helping job creation in the country. However, imports yet again clocking
over USD 55 billion with a growth of over 62 percent during the month
should be analysed, said Dr A Sakthivel.
The FIEO Chief is of the view that though the government has announced a
slew of measures to support exports, the need of the hour is to soon
announce extension of the interest equalisation scheme, augmenting the
flow of empty containers and establishing a regulatory authority to seek
justification of freight hike and imposition of various charges by the
shipping lines need urgent intervention of the government.
He said that the Federation has also urged the Government to provide
freight support to all exports till 31st March 2022 as freight rates
have skyrocketed and are likely to sombre by March 2022.