Exports On Course To Reach The Target: FIEO | SupportBiz


Exports On Course To Reach The Target: FIEO

According to data released by the Reserve Bank of India (RBI), exports during the month under review increased by 7.27 percent at $25.96 billion than the level of $24.20 billion during November 2013.

New Delhi: Federation of the Indian Export Organisations (FIEO) said that the positive growth of 7.3% in exports in the month of November coming on the heel of negative growth in October is very encouraging.

Many of the sectors which exhibited decline in October have posted good results in November including Gems & Jewellery, Drugs & Pharmaceuticals, Engineering Goods, Cotton Yarn Fabrics and made-ups, Manmade Yarn & Fabrics, Coffee, Spices, and Carpets.

"For the period of April-November 2014-15, exports grew by 5.02 percent at $215.75 billion from $205.36 billion. While healthy growth have been witnessed in Readymade Garments and Organic & Inorganic sector, our worry has been the Marine sector which showed a decline in November," said M Rafeeque Ahmed, President, FIEO reacting to the Trade Data released recently. 

FIEO Chief is of the view that with little push in next four months, we would be able to achieve the export target of US$ 340 billion fixed for the current fiscal.

The exports have already reached $ 216 billion and with exports of US$ 31 billion each months, we would reach the target. Ahmed reiterated his demand for immediate reintroduction of Interest Subvention Scheme with effect from April 1, 2014 as interest burden is hitting the small exporters who are losing their export competitiveness saddled with high interest rates.