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Indian apparel exporters urge for extension of FMS
18
May '12
Apparel exporters in India have requested the Government to extend the Focus Market Scheme (FMS) for at least six months for exports to the US and Europe.

At a meeting held to discuss India's Foreign Trade Policy (FTP) for 2012-13, to be announced on June 5, several issues were discussed that can help the country to achieve US$ 350 billion export target by the end of next fiscal year.

Representatives of Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), Federation of Indian Exporters Organizations (FIEO) and several Export Promotion Councils were present at the meeting, which was also attended by Commerce and Industry and Textiles Minister, Mr. Anand Sharma.

Mr. Ajay Sahai, Director General of FIEO, who was present at the meeting, told fibre2fashion, “Garment exporters said the FMS should be extended for at least six months for exports to the US and Europe.”

Everybody at the meeting was of the opinion that high volatility in the dollar exchange rate was not good for exporters and therefore either the demand side of the dollar should be curtailed or the supply be maintained so that dollar remains within the range.

“Exporters said they would prefer dollar to be around Rs. 47-48 rather than Rs. 53-54 as is the case right now,” informed Mr. Sahai.

The exporters suggested that the Rs. 2 billion sanctioned by the Government for marketing is a very small amount considering the export target of US$ 350 billion for 2012-13.

“There was a suggestion that the Commerce Department should create an Export Development Fund, which should have a corpus of at least 0.5 percent of total exports,” revealed Mr. Sahai.

“The Commerce and Industry and Textiles Minister, Mr. Anand Sharma, was very sympathetic towards our viewpoints. He agreed that the current global situation was very tough for exports and assured us that he will take up the issues, raised during the meeting, with the Finance Ministry,” said Mr. Sahai.

Fibre2fashion News Desk - India

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