New milestone of $ 400 bn for exports needs all govt wings & Ministries to treat it as national priority: FIEO

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To achievethe new milestone of $400 billion in exports during the current fiscal year, aconcerted strategy would be required, treating exports as a national priority by all wings and Ministries of the government, said MrSharad Kumar Saraf, President, FIEO. The target reflects the optimism and confidence not only of the government but equally of the trade and industry, he stressed. He complimented Mr Piyush Goyal, Union Commerce & Industry Minister, for constantly engaging with exporters and resolving their issues.Liquidity should be addressed by encouraging banks to lend to the export sector and, more importantly, by instantly releasing all export benefits including Drawback, MEIS, GST and RoDTEP, to name a few. This will help in making exports profitable; else, refund delays could wipe out exporters profitability and increase their interest burden, he added, as per a release.

Mr Saraf pointed out that despite facing numerous challenges in manufacturing and logistics, the recent export growth has been more than satisfying and shows that industry is better equipped to handle the second wave of Covid with minimum disruptions. Detailing the basis for achieving such milestones in exports, Mr Saraf said the order book position of exporters is extremely encouraging. Moreover, increase in the prices of many inputs has led to renegotiation of orders with some price escalation, which may also support exports in value terms by 10-15 per cent.

Support of industry is expected to bring the economy back on track, and states too have been quite supportive of manufacturing and exports during the second wave. Free inter-state movement of goods has ensured almost seamless exports, though occasional hiccups at the local level were witnessed by some exporters, the release said.