Fieo

FIEO urges Centre to extend interest subvention scheme for 5 years

Apex exporters body FIEO on Tuesday urged the government to extend the interest subvention scheme for five years to help increase credit flow in the sector in order to boost the country's shipments, which registered a steepest decline in 13-month falling 9.3 per cent in August to USD 34.71 billion. Earlier this month, the government extended the interest equalisation/subvention scheme, which provides interest benefits, on pre- and post-shipment rupee export credit for one more month till September 30. "The scheme will end on September 30. We have requested for it to be extended for five years. If there is no interest equalization scheme, then we will lose some markets and some orders," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai told reporters here. The scheme helps exporters from identified sectors and all MSME (micro, small and medium enterprise) manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global .

Increasing global uncertainties may impact demand, India's exports: FIEO

The escalating geopolitical tension may have implications for the country's exports in the first quarter of 2024-25 as it is likely to impact global demand, apex exporters body FIEO said. The global uncertainties caused by continuing war between Russia and Ukraine has impacted India's outbound shipments in 2023-24, which recorded a decline of 3.11 per cent to USD 437 billion. Imports too dipped by over 8 per cent to USD 677.24 billion. "If the global situation continues to be like this, it would impact global demand. In the first quarter numbers, the demand slowdown may be visible," FIEO Director General Ajay Sahai said. He added that despite all the challenges, freight rates are softening and it is giving an indication that demand may be impacted in the times to come. He cautioned that further escalation of the current situation could have serious implications on the world trade. "Besides geopolitical uncertainties, high inflation and high interest rates are also crucial reasons

India's exports may reach $450 bn this fiscal: FIEO Prez Ashwani Kumar

The country's merchandise exports are expected to reach USD 450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday. He said that the need of the hour is to address the Red Sea crisis challenges by ensuring the availability of marine insurance and rational increase in freight charges. The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments. "I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issues pertaining to credit. I would urge banks to come forward in extending support to these

Exporters body FIEO unanimously elects Ashwani Kumar as new President

Exporters body FIEO on Monday said Ashwani Kumar has been elected as its new President. The Federation of Indian Export Organisations (FIEO) said that Kumar was elected as president unanimously. He has replaced A Sakthivel. Kumar, who is a Jalandhar-based engineering exporter, replaced A Sakthivel. Besides serving as the Regional Chairman (Northern Region) of the organisation, Kumar has also represented various forums of Jalandhar including its Focal Point Industries Association, Effluent Treatment Society, Management Association, Badminton Association, and Integrated Association of SMEs. He is taking over the post at a time when global trade is undergoing a sea change.

Interim Budget 2024: Industry seeks tax benefits, boost to exports

Indian industry, including exporters on Thursday, asked the government to provide tax incentives for research and more funds for marketing activities in the Budget to boost manufacturing and the country's outbound shipments. They also urged the government to consider developing a global shipping line in partnership with the private sector. India's outward remittance on transport services is increasing with rising exports. "We remitted over USD 80 billion as transport service charge in 2021. As the country moves towards the goal of USD 1 trillion, this will touch USD 200 billion by 2030," Federation of Indian Export Organisations (FIEO) said, adding that the private sector may be engaged to develop the shipping lines. This will also reduce arm-twisting by foreign shipping lines, particularly of our MSMEs, the organisation said. For promoting Research and Development (R&D) in the country, weighted tax deduction can be increased to 200 per cent, it said. "Unfortunately, India's ...

Commerce ministry proposes new bye-laws for election of EPCs, FIEO

The commerce ministry has proposed revised election bye-laws for all export promotion councils (EPCs) including apex exporters' body FIEO, under which a chairman will hold office for two years and will not be eligible for the immediate next election. The revised model articles of associations/bye-laws for EPCs and Federation of Indian Export Organisations (FIEO) are required to be adopted by these bodies and conduct elections of their office-bearers. The model bye-laws have already been circulated to all these councils and organisations for adoption. This was proposed by a three-member panel set up by the ministry in May to review the eligibility criteria for the election to make them more inclusive and representative. It was reviewing the eligibility criteria for the election of office bearers of EPCs and FIEO. The panel reviewed the existing guidelines and made suitable recommendations about representation of different stakeholders in the managing committee and other posts. Afte

Marketing strategy to help tap $112 bn export in 10 nations in 3 yrs: Study

Aggressive marketing strategy including support from the government can help Indian businesses tap USD 112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO. Federation of Indian Export Organisations (FIEO) said that to tap this potential, a proper strategy is required. It suggested the government to formulate a scheme to support participation of domestic industry in exhibitions, buyers-sellers meet, and roadshows in important cities of these ten countries to showcase Indian goods. Besides, Indian missions in these countries should identify market access issues so that those problems can be resolved to promote shipments of domestic goods in those destinations as non-tariff barriers impact exports. The missions can also help industry organise meetings with leading importers, FIEO said, adding active print and electronic media campaigns can be considered to show the prowess of domestic manufacturing capabilities in these ...

India's share in exports in labour-intensive sectors declining: FIEO

India's labour-intensive export sectors such as apparels, marine products, plastics, and gems and jewellery are showing a "troubling pattern" as the country is experiencing a decline in global market share across these segments during the last five years, a FIEO report has said. Apex exporters body Federation of Indian Export Organisations (FIEO) also said that a note of caution is warranted regarding a distinct spike in export growth of roughly USD 40 billion as this particular surge is likely attributed to a rerouting of crude oil trade routes via India to Europe. This phenomenon may not be sustainable in the coming years, it said. It added that the most "pressing concern" regarding the negative export growth is the "poor" performance of labour-intensive sectors. In a country like India, these sectors hold immense significance not only for their job creation potential but also for their substantial contribution to net high-value addition. "Addressing this challenge requires a ..

India's exports may rise by 3-5% this fiscal to $435 billion: FIEO

India's exports are expected to grow by 3-5 per cent to USD 435-445 billion in this fiscal, exporters' body FIEO said on Friday. In 2021-22, the country's exports touched an all-time high of USD 422 billion. Federation of Indian Export Organisations (FIEO) President A Sakthivel said that the coming months are going to be little challenging unless both global economic growth and geopolitical situation improve drastically. "However, we will be on course to cross the previous year's goods export target quite easily touching almost USD 435-445 billion with a growth of over 3-5 per cent this fiscal," he said in a statement. Contracting for the second month in a row, India's exports dipped by 6.58 per cent to USD 32.91 billion in January due to a slowdown in global demand. Cumulatively, the country's merchandise exports during April-January 2022-23 rose 8.51 per cent to USD 369.25 billion. Sakthivel said that FIEO in its continuous endeavour to handhold and mentor the exporting communi

Economic Survey highlights India's diversifying merchandise trade: FIEO

Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation of Indian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, South Africa and Saudi Arabia, have led to the increase in exports by up to 2 times," he said. The ongoing trade negotiations with the UK, EU, Canada, and Israel will also add further impetus to our exports, he added. "Reducing the cost of logistics in the country, which now to the tune of 14-15 per cent, comparable to the global benchmark, will help in making our exports more competitive worldwide," Sakthivel said. Yogesh Gupta, Regional Chairman, FIEO (Eastern Region), said the exporter fraternity is expecting fiscal support and affordable credit, from the upcoming budget. "A need of the hour is t

Exports up 4.8% to $35.45 billion days after initial data showed a dip

The World Trade Organization (WTO) has also painted a grim picture for the outlook of global trade next year amid fears of a recession

India pushes for settlement of international trade in rupee with Sudan

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

Foreign trade policy extended by six months amid global headwinds

An FTP is an elaborate policy guideline and a strategy to promote export of goods and services

FIEO plea for sops at odds with govt view

It is difficult to understand why the exporters want the taxpayers' money to further their businesses

India's trade with Russia in rupees to start soon, says FIEO's President

Indian companies are already swapping out dollars and euros for Asian currencies to settle trades to avoid Western sanctions on Russia

Expect $470-billion merchandise exports by year-end, says FIEO

Rupee trade mechanism with Russia to start soon, says FIEO

Amid global headwinds, Indian exporters hope to tide over slowdown

Say India is better placed even as exports decline

RBI's move to settle trade transactions in rupee timely: Exporters

Exporters said the move was a step towards acceptance of rupee as an international currency.

Higher margins could push farm exports to FY22 level despite ban: experts

Actual agriculture exports in FY22 were $47.41 billion, up almost 19% over FY21. This was among the highest ever agriculture exports in value terms by India

FIEO pitches for setting up of a committee to evaluate import trends

The issue was raised by FIEO Chairman A Sakthivel during a meeting, chaired by Commerce and Industry Minister Piyush Goyal, on April 20