Achieving 8% growth in 2015-16 will be possible only if exports show growth: FIEO
Updated: Sep 04, 2015 12:39:20pm
New Delhi, Sept 4 (KNN) Achieving 8 per cent growth in 2015-16 would be possible only if exports show an overall growth of at least 10 per cent during this fiscal, which at the moment looks challenging as first four months have produced negative results, said exporters’ apex body FIEO has said.
Commenting on the GDP data for the April-June, 2015 quarter where it exhibited 7 per cent growth, S C Ralhan, President, FIEO on Thursday said that decline in merchandise exports by 16.75 per cent (contributing to about 15 per cent of GDP) and service exports by 7.08 per cent (with a share of about 7.5 per cent in GDP) had pulled down the GDP growth by over 3 per cent.
Had the exports showed even the modest growth, the GDP number for last quarter would have touched 10 per cent, a double digit growth, meeting the aspiration of our people, added Ralhan.
He said that interest subvention for exports should be introduced immediately and transition problems relating to schemes under new Foreign Trade Policy should be addressed expeditiously.
All the agencies involved in exports should work in tandem to facilitate exports, he urged.
Looking at the problem of export sector, the refund of VAT, CENVAT and Duty Drawback should be done immediately at the time of shipment.
While the base effect will help in addressing exports decline in coming months, the volatility in Rupee will keep exporters on their toes though order booking position has improved marginally, observed FIEO Chief. (KNN Bureau)
Commenting on the GDP data for the April-June, 2015 quarter where it exhibited 7 per cent growth, S C Ralhan, President, FIEO on Thursday said that decline in merchandise exports by 16.75 per cent (contributing to about 15 per cent of GDP) and service exports by 7.08 per cent (with a share of about 7.5 per cent in GDP) had pulled down the GDP growth by over 3 per cent.
Had the exports showed even the modest growth, the GDP number for last quarter would have touched 10 per cent, a double digit growth, meeting the aspiration of our people, added Ralhan.
He said that interest subvention for exports should be introduced immediately and transition problems relating to schemes under new Foreign Trade Policy should be addressed expeditiously.
All the agencies involved in exports should work in tandem to facilitate exports, he urged.
Looking at the problem of export sector, the refund of VAT, CENVAT and Duty Drawback should be done immediately at the time of shipment.
While the base effect will help in addressing exports decline in coming months, the volatility in Rupee will keep exporters on their toes though order booking position has improved marginally, observed FIEO Chief. (KNN Bureau)
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