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Export growth result of Market Diversification: President, FIEO
17
Aug '10
Hailing the continuous growth in exports for last nine months, Mr. A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that the same is commendable and shows that the diversification ofexport destinations through focus market schemes and market linked focus scheme have started yielding results.

He said that the growth is largely attributable to India's growing exports to Africa, Latin America, Middle East and Asia region. President FIEO added that Government should bring sector specific package for Apparel, Textiles, Leather, Tea, which are not exhibiting growth, in the revised Foreign Trade Policy scheduled on 23rd August.

Mr. Sakthivel concurred with the views of the Commerce Secretary that we will achieve the export target of US$200 Billion fixed for the current fiscal and may even surpass it.

FIEO Chief, however, said that the Government needs to take Foreign Manufacturers Legal Accountability Act, 2010 with the US authorities which will have serious implications for exports of drugs & pharmaceuticals, medical devices, 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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