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India's scaling growth hits world slowdown: FIEO Chief
01
Sep '10
Buoyed by the continuous growth in India's exports during the last nine months, which valued at US $ 16240 million in July, 2010 which was 13.2 % higher than the last level, Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO), said such sustained growth is commendable and shows that the diversification of export destinations through focus market schemes and market linked focus scheme have started yielding results.

He further attributed the pro-active role of Hon'able Minister of Commerce & Industry thru announcement of trade friendly annual supplement of foreign trade policy for scaling up of India's share in International market which registered a positive growth of 30.1% in dollar terms and 22.8% in Rupee terms during April-July, 2010.

Mr Sakthivel further observed that India's trade relations with countries like Africa, Latin America, the Middle East and Asia region have largely improved. He expressed confidence that export target of $200 billion fixed for the current fiscal even surpass it, given sector specific package for apparel, textiles, leather, tea, which are not exhibiting growth in the revised Foreign Trade Policy scheduled on August 23.

The FIEO chief, however, said that the Government needs to take the Foreign Manufacturers Legal Accountability Act, 2010 with the US authorities which will have serious implications for exports of drugs and pharmaceuticals, medical equipment, cosmetics, chemicals and pesticides, auto components and consumer goods as it would lead to additional cost of compliance and may be used as a non-tariff barrier against Indian exports.

Mr Sakthivel also said that the export credit rates may be pegged at the base rates as many banks are offering export credit at 150 basis or 200 basis points above the base rate.

Federation of Indian Export Organisations (FIEO)

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