FIEO seeks fiscal & non-fiscal support for exporters to counter headwinds

New Delhi, Sept 15 (KNN) Federation of Indian Export Organisations (FIEO) highlighted the issues and challenges in International Trade with focus on India's Exports and its Future Prospects during a press conference on Wednesday.

The body discussed Global Trade Scenario and Indian Exports and how Global trade is facing headwinds more so after the Russia Ukraine war having a huge impact on global crude and food prices.

Reflecting on rupee depreciation viz a viz other currencies, Dr A Sakthivel, President, FIEO and Dr Ajay Sahai, DG & CEO, FIEO said Rupee is one of the best performing currencies in Asia meaning thereby that the competitiveness provided by the exchange rate is no longer with us.

“Therefore, there is a need to provide some other fiscal or non-fiscal support to help exports in this scenario,” they added.

Emphasising on the liquidity and interest rates, FIEO said with interest rates firming up, the MSMEs are getting credit at not less than 10-11 per cent.

“This is likely to go up further as RBI is expected to increase the same again in October,” said the export body.

They informed that exporters are very much encouraged by the RBI Notification allowing exports-imports in Indian Rupee.

Further they spoke about  E-Commerce and how new Foreign Trade Policy is expected by the end of the month to provide a roadmap for reaching USD 1 trillion each in goods as well as services exports by 2030.  (KNN Bureau)