October 24, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Aggressive marketing, timely roll out of FTAs to help exports touch $500 billion in FY22: Exporters

Representative image: Reuters

Representative image: Reuters

Aggressive marketing of products, timely implementation of free trade agreements that are under negotiations and affordable credit to MSME players would help in taking the country’s merchandise exports to USD 500 billion in the next financial year, according to exporters.

Commerce and Industry Minister Piyush Goyal in a meeting with export promotion councils stated that the country’s exports are growing at a healthy rate and now exporters can aim for USD 450-500 billion of outbound shipments during the next fiscal year.

Exporters also suggested exploiting the potential of e-commerce for inclusive exports and increasing its base by bringing new start ups, artisans, weavers in exports.

“The target of USD 450-500 billion for merchandise exports is quite pragmatic. Since the base of exports will now be sizable, we have no scope to be less than aggressive,” Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said.

He said that the sunrise sectors such as electronics, automobile and auto components, pharmaceuticals and chemicals should be the focus of exports.

Leading exporter of Mumbai and founder chairman of Technocraft Industries India Sharad Kumar Saraf said that achieving exports of USD 500 billion in 2022-23 is feasible as this fiscal the shipments would cross USD 400 billion.

“Exporters need to aggressively market their products. They also need to increase their production and for that the government should provide smooth approvals and clearances,” Saraf said.

He added that timely permissions, and easing of land laws would help in expanding capacities and then increasing exports.

FIEO Vice-Chairman Khalid Khan said that India is negotiating free trade agreements with countries like the UAE, the UK and Australia and implementation of these pacts would help Indian exporters get easy and greater market access in these nations.

“Timely implementation of these pacts would help in boosting our exports,” Khan said, adding there is also a need to review the existing FTA with the 10-nation ASEAN bloc.

He also asked for affordable and easy credit to MSME exporters.

Sharing similar views, Hand Tools Association President S C Ralhan said that the issue of availability of containers should be resolved and the government should intervene in controlling the increasing shipping freight rates.

“Small exporters are facing the heat of high rates. Working capital is also an issue for them. I suggest the government look into these matters immediately,” Ralhan said.

Plastics Export Promotion Council of India (PLEXCONCIL) chairman Arvind Goenka said a target of USD 450-500 billion is achievable but the government must ensure smooth and barrier-free imports of raw materials and processing machinery.

Few FTAs like with the UAE and the UK should be implemented at the earliest, Goenka said.

Seafood Exporter and MD of Megaa Moda Yogesh Gupta too said that USD 500 billion exports during the next fiscal year is achievable as production is going to increase significantly and an improving economy across the globe will help the exports.

Exports during April-September 2021-22 have crossed USD 197 billion.

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