FIEO Applauds Union Budget’s Strategic Focus on Import Substitution and Export Promotion

New Delhi, Jul 23 (KNN) The Federation of Indian Export Organisations (FIEO) President, Ashwani Kumar, has welcomed the Union Budget, praising its focus on economic growth and employment.

The budget aims to boost manufacturing and exports while also promoting import substitution.

Kumar highlighted several key initiatives in the budget. These include a significant allocation for agriculture and allied sectors, with a focus on productivity and resilience.

The budget also introduces schemes to support job creation in manufacturing and provides special attention to Micro, Small, and Medium Enterprises (MSMEs).

One notable proposal is the establishment of E-Commerce Export Hubs under a public-private partnership model. This initiative aims to help MSMEs and traditional artisans sell their products in international markets.

The FIEO President also commended plans for reforms in shipping industry ownership, leasing, and flagging. These changes are expected to improve the Indian shipping industry's share and generate more employment opportunities.

Additionally, the budget outlines a roadmap for transitioning 'hard to abate' industries from energy efficiency targets to emission targets.

This move is seen as a step towards making Indian industries more environmentally friendly and competitive in the global market.

Kumar expressed optimism that these announcements will contribute to India becoming the third-largest economy and achieving the goal of 'Viksit Bharat' (Developed India), ensuring inclusive growth for all segments of society.

(KNN Bureau)