FIEO | 24 Jun, 2022
FIEO
President A Sakthivel said that the highest-ever exports of over USD 38.94
billion during May of a fiscal year, shows the continuous resilience of the
exports sector amidst rising global uncertainties.
FIEO President said that the top sectors, which led the exports growth during
the month were Petroleum Products, Engineering Goods, Electronic Goods, Organic
& Inorganic Chemicals, RMG of all Textiles, Gems & Jewellery,
Drugs & Pharmaceuticals, Leather Products, Coffee, Cereal preparations and
oil meals etc.
Labour-intensive
sectors also contributed to the exports basket, which itself is a good sign,
further helping job creation in the country.
The FIEO Chief also reiterated that the benefits of the newly signed FTAs and
the PLI Scheme will further help us in building as we continue to move ahead
during the fiscal.
Imports growth is of little concern and may be looked into. However, he added
that rising imports of gold may lead to impressive gems & jewellery exports
in next 1-2 months with lead time.
FIEO President is also of the view that though the government has announced a
slew of measures to support exports, however, there is a need to rationalise
exports of raw materials to push value-added exports, augment container
manufacturing, developing an Indian Shipping Line of global repute, increase
the validity of RoSCTL and RoDTEP scrips to 24 months and link transferability
with realisation, extend RoDTEP to EOUs, SEZ and Advance Authorisation, expand
usages of RoDTEP and RoSCTL scrips and logistics support for the sector looking
at the higher freight cost.