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SME Times News Bureau | 02 Apr, 2021
Reacting
to March 2021 export figures, FIEO President Sharad Kumar Saraf
said that the monthly exports showed a whooping double digit growth of
almost 58.50 percent clocking USD 34 billion compared to March 2020,
showing not only impressive signs of further revival for the sector but
for overall economy as well.
This has been mainly on account of 28 out
of 30 major product group 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.
FIEO President added that the exports of Other
cereals, Oil meals, Iron ore, Jute mfg. Including floor covering,
Carpet, Electronic Goods, Gems and Jewellery, Engineering goods, Cereal
preparations and miscellaneous processed item, Rice, Spices, Cotton
yarn/fabrics/made-ups, handloom products etc., Meat, dairy and poultry
products, Ceramic products and glassware, Drugs and pharmaceuticals,
Organic and Inorganic Chemicals, Plastic and linoleum, Handicrafts excl.
Hand-made carpet, Marine products, Man-made yarn/fabrics/made-ups etc.,
Mica, coal and other ores, minerals including process, Petroleum
products, RMG of All Textiles, Coffee, Fruits and vegetables, Leather
and leather manufactures, Tobacco, and Tea were the sectors, which
contributed towards showing such a whooping performance by the exports
sector during the month.
Such a whooping growth in exports during the month also helped in taking
the merchandise exports to over USD 290 billion during such difficult
and torrid times, which was well forecasted by FIEO said Mr Saraf. FIEO
Chief 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 overall exporting community for achieving such
figures even during these times. Further
an increase in March 2021 imports by about 53 percent to USD 48.12
billion compared to the same period during the previous fiscal led to a
trade deficit of USD 14.11 billion, which is an increase of 41.40
percent during the month is definitely a concern, which should be looked
into.
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.
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 President FIEO.
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