Govt needs to take up export promotion on a mission mode: FISME
Updated: Oct 16, 2015 02:16:50pm
New Delhi, Oct 16 (KNN) The chronic drop of exports clearly shows that the government needs to take up export promotion on a mission mode, said Federation of Indian Micro, Small and Medium Enterprises (FISME), on the poor performance in Indian merchandise exports in September.
Reacting to the drop in exports as revealed by the Ministry of Commerce and Industry in an official release on October-15, “The government should address all related issues such as cheap and timely credit, raw materials at competitive price and infrastructural issues simultaneously,” it added.
India's merchandise exports fell by 24.3 per cent in September, the 10th month in a row to USD 21.84 billion owing to poor performance in export of engineering products, petroleum products, gems and jewellery amid slowdown in the global demand.
“Exports during September, 2015 were valued at USD 21844.98 million (Rs. 144652.67 crore) which was 24.33 per cent lower in Dollar terms (17.67 per cent lower in Rupee terms) than the level of USD 28867.71 million (Rs.175703.03 crore) during September, 2014,” the official release said.
However, a sharper decline in imports has helped lower the trade deficit.
“Imports during September, 2015 were valued at USD 32323.68 million (Rs. 214040.28 crore) which was 25.42 per cent lower in Dollar terms and 18.86 per cent lower in Rupee terms over the level of imports valued at USD 43341.75 million (Rs. 263799.12 crore) in September, 2014,” it said.
In the wake of falling trends in Indian exports for the last few months, a delegation from FISME recently met with Union Commerce Minister Nirmala Sitharaman to apprise her about the constraints faced by the MSMEs responsible for the decline in exports.
FISME, which has a network of around 750 MSME associations, also suggested measures to the Minister for enhancing MSME exports.
Some of the important issues discussed by the FISME’s Senior Vice President Anil Agarwal and Past President V K Aggarwal included Advance Licence period which has been reduced to 18 months; rigid provisions of the EPCH scheme; duty drawback scheme and more.
Sitharaman had agreed to look into the matter and assured full support to boost exports. (KNN Bureau)
Reacting to the drop in exports as revealed by the Ministry of Commerce and Industry in an official release on October-15, “The government should address all related issues such as cheap and timely credit, raw materials at competitive price and infrastructural issues simultaneously,” it added.
India's merchandise exports fell by 24.3 per cent in September, the 10th month in a row to USD 21.84 billion owing to poor performance in export of engineering products, petroleum products, gems and jewellery amid slowdown in the global demand.
“Exports during September, 2015 were valued at USD 21844.98 million (Rs. 144652.67 crore) which was 24.33 per cent lower in Dollar terms (17.67 per cent lower in Rupee terms) than the level of USD 28867.71 million (Rs.175703.03 crore) during September, 2014,” the official release said.
However, a sharper decline in imports has helped lower the trade deficit.
“Imports during September, 2015 were valued at USD 32323.68 million (Rs. 214040.28 crore) which was 25.42 per cent lower in Dollar terms and 18.86 per cent lower in Rupee terms over the level of imports valued at USD 43341.75 million (Rs. 263799.12 crore) in September, 2014,” it said.
In the wake of falling trends in Indian exports for the last few months, a delegation from FISME recently met with Union Commerce Minister Nirmala Sitharaman to apprise her about the constraints faced by the MSMEs responsible for the decline in exports.
FISME, which has a network of around 750 MSME associations, also suggested measures to the Minister for enhancing MSME exports.
Some of the important issues discussed by the FISME’s Senior Vice President Anil Agarwal and Past President V K Aggarwal included Advance Licence period which has been reduced to 18 months; rigid provisions of the EPCH scheme; duty drawback scheme and more.
Sitharaman had agreed to look into the matter and assured full support to boost exports. (KNN Bureau)
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