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Market diversification is pivot of FTP : FIEO
Aug '09
Mr. A Sakthivel - President of FIEO
Mr. A Sakthivel - President of FIEO
Appreciating the initiatives taken in the Foreign Trade Policy 2009-14, Mr A Sakthivel, President, Federation of Indian Export Organsiations (FIEO) said that new Policy rightly put emphasis on market diversification as our traditional exports have been hit badly due to their concentration in US and EU Regions.

The identification of 26 new markets under Focus Market Scheme, additional 13 under Market Linked Product Scheme, increase in the benefit of focus market scheme from 2% to 3% together with relaxation in Market Development Assistance and Market Access Initiative schemes and organizing “Made in India Show” in at least six countries will encourage exporters to enter into new and less explored countries with a view to achieve quantum jump in exports.

The introduction of zero duty capital goods scheme and grant of Status Holders incentive scheme to Status Holders for import of capital goods in sectors such as leather, textiles, handicrafts, engineering, plastics and basic chemicals will add to expansion and modernization of production base at a time when investment is drying up in export industry, added Mr Sakthivel.

The Foreign Trade Policy also provides fillip to services sector by doubling duty free entitlement under Served From India Scheme from 5% to 10% of foreign exchange earned. The sector specific initiatives undertaken for gems and jewellery sector, leather, marine, agriculture, pharma and handloom sector and increase in Focus Product Scheme from 1.25% to 2% will impart some competitiveness of these products which are worst hit due to global slowdown.

Mr Sakthivel welcomed the formation of a “Committee” to ensure availability of Dollar denominated credit which will particularly benefit the MSME exporters.

President, FIEO stated that trade and industry is looking forwarded to implementation of E-trade project in a time bound manner so as to provide substantial reduction in transaction costs which presently varies between 5 – 8% of the FOB value. Shri Sakthivel, however, demanding Market Linked Focus Product Scheme for garment sectors for exports to US and EU to be extended till 31.3.2011 @ 3%.

Federation of Indian Export Organizations

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