Exporters are unable to avail benefits announced in new FTP due to system bottlenecks: FIEO
Updated: Nov 17, 2015 12:02:19pm
New Delhi, Nov 17 (KNN) While some benefits have been announced in the new Foreign Trade Policy, the exporters are unable to avail that due to system bottlenecks, said an industry body reacting to the declining exports from India.
Reacting to the Trade Data for the month of October, 2015 which reflected continuous decline for 11 months in a row, much worse than decline for 9 months in a row during 2008-09, Federation of Indian Export Organisations (FIEO) said that going by the current trend and factoring little improvement, reaching USD 300 billion in the current fiscal looks a remote possibility.
S C Ralhan, President, FIEO said that while the decline in exports may be arrested from the month of January 2016 onwards as petroleum prices in January 2015 remained at the same level at which they are currently prevailing but value-wise exports will not see much improvement.
The only silver lining in the trade data has been the positive performance of 9 out of 30 product group as against 6 out of 30 product groups in September, 2015.
FIEO reiterated that the delay in announcement of Interest Subvention and redressal of number of issues relating to transaction cost could provide some support to export sector even during difficult global economic scenario.
“While some benefits have been announced in the new Foreign Trade Policy but exporters are unable to avail that due to system bottlenecks,” Ralhan said.
Ralhan also urged for the announcement of immediate revision in Duty Drawback rate for engineering sector looking into the duty revision on certain steel products including the safeguard duty. (KNN Bureau)
Reacting to the Trade Data for the month of October, 2015 which reflected continuous decline for 11 months in a row, much worse than decline for 9 months in a row during 2008-09, Federation of Indian Export Organisations (FIEO) said that going by the current trend and factoring little improvement, reaching USD 300 billion in the current fiscal looks a remote possibility.
S C Ralhan, President, FIEO said that while the decline in exports may be arrested from the month of January 2016 onwards as petroleum prices in January 2015 remained at the same level at which they are currently prevailing but value-wise exports will not see much improvement.
The only silver lining in the trade data has been the positive performance of 9 out of 30 product group as against 6 out of 30 product groups in September, 2015.
FIEO reiterated that the delay in announcement of Interest Subvention and redressal of number of issues relating to transaction cost could provide some support to export sector even during difficult global economic scenario.
“While some benefits have been announced in the new Foreign Trade Policy but exporters are unable to avail that due to system bottlenecks,” Ralhan said.
Ralhan also urged for the announcement of immediate revision in Duty Drawback rate for engineering sector looking into the duty revision on certain steel products including the safeguard duty. (KNN Bureau)
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