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FIEO seeks redressal to emergent issues
30
Nov '09
Mr A. Sakthivel, President, Federation of Indian Export Organisations(FIEO) in his meeting with Shri Anand Sharma, Commerce and Industry Minister as well as Shri Jyotiraditya Madhavrao Scindia, Minister of State for Commerce and Industry emphasized the need for immediate extension of Market Linked Focus Product Scheme for the apparel sector for exports to US & EU from 1st October, 2009 to 31st March, 2011,in view of continuous decline in garments exports and recent appreciation of Indian Rupee.

President FIEO also urged to extend the benefit of Status Holders Incentive Scrip to units availing TUF Scheme so that investment for modernization and expansion of units is encouraged to encounter the ill effect of global slowdown which has dried up investment in export sectors.With the same objectives, Mr A Sakthivel asked for increase in the investment limit in respect of medium enterprises from Rs. 10 crore to Rs.25 crore so that such units are encouraged to extend their production base while continuing the status of medium enterprises.

With a view to meet the requirements of both raw cotton exporters and those exporting value added products, Mr A Sakthivel suggested to put an annual ceiling on raw cotton exports of about 50 lakh bales which can be calibrated over one year period on monthly exports of 4 lakh bales approximately.

Highlighting the increase in banking charges recently,Mr A Sakthivel asked the Hon'ble Ministers to take up with the Finance Ministry so that such charges are proportionate to the services offered by the banks. To substantiate his view points, Mr A Sakthivel said that banks should not charge fee for renewal of the limit and only in case of the enhancement in the limit, banks may charge for the additional limit. At present banks are charging about 0.5% of the sanctioned limit as bank charges even for renewal, added, President, FIEO.

Federation of Indian Export Organisations

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