FIEO sets export target of $325 bn for this fiscal

FIEO sets export target of $325 bn for this fiscal

Teaotia said GST is the much-needed reform and changeover will require a little time.

The Dollar Business Bureau 

With India’s exports witnessing a continuous growth, the exporters’ body Federation of Indian Export Organisations (FIEO) expects that the merchandise shipments from the country would touch $325 billion in the current fiscal.

“Indian exports have been on an upward trend in last few months with export of $275 billion in last fiscal and a target of $325 billion to achieve in 2017-18,” the exporters’ body said in a statement.

While the country is witnessing a positive trend since the past nine months on exports, there is concern in the business fraternity with regards to the Goods and Services Tax (GST), said FIEO President Ganesh Kumar Gupta.

While India’s share in global exports has risen from 1.6% to 1.64% last year, this year it is 1.84% with a target of 2.4% in world trade as per WTO (World Trade Organisation). A 0.2% growth in share in a year is very encouraging, he said.

The FIEO had organised an interactive session in Kolkata on Wednesday with the Commerce Secretary Rita Teaotia, where she interacted with the traders fraternity seeking inputs and suggestions with regard to the mid-term review of Foreign Trade Policy (FTP). 

It is during the session that Teaotia remarked GST is the much-needed reform and the changeover will require a little time but the calibrated FTP process will be continuous.

Replying to the queries of exporters, the Commerce Secretary stated that direct delivery of MEIS (Merchandise Exports from India Scheme) scrips will be possible when the interface between DGFT (Directorate General of Foreign Trade) and ICEGATE is seamless and said the e-Bank guarantees too are in the pipeline.

With regard to overcharging in shipping lines, she said that the Director General of Shipping has been informed and we are waiting for a reply from them.

The Dollar Business Bureau - Jun 22, 2017 12:00 IST