Home / Knowledge / News / Textiles / FIEO expects 20% fall in India's exports during FY21

FIEO expects 20% fall in India's exports during FY21

22
May '20
Pic: Shutterstock
Pic: Shutterstock
India’s exports are expected to fall by 20 per cent in this fiscal because of the COVID-19 pandemic, according to the Federation of Indian Export Organisations (FIEO), whose director general and chief executive officer Ajay Sahai recently said the outlook is ‘extremely negative’ at the moment and fall in exports will also be accompanied by a decline in import.

“In value terms, this will be around $50 to $60 billion," Sahai said. He, however, said there will be no significant pressure on the balance of trade as both exports and imports are expected to fall.

Speaking on the stimulus package announced by the government, he said exporters need more support to improve their competitiveness in the global markets as China has started production.

"Personally, I feel there has been not a single word on exports in the economic stimulus announced by the government. Only favour which the government has done is by extending the interest subvention scheme of MSMEs," Sahai was quoted as saying by a news agency.

"Though the rupee has depreciated, it is not as sharp as what our competitors like South Korea, Turkey, Indonesia or Brazil have witnessed," he said, adding that this is putting pressure on Indian exports.

The apex body of exporters has requested the government to provide 2 per cent additional Merchandise Exports from India Scheme (MEIS) support to all exports and 4 per cent to labour-intensive sectors like apparel, leather, handicraft, carpets, marine, tea and processed food.

Earlier in a press release, FIEO president Sharad Kumar Saraf said though the stimulus package announced by the government has been encouraging and help in medium to long term, there still remains concerns regarding stimulating demand and tackling supply and supply chain disruptions that would have been the key to boosting the overall trade and industry immediately during such challenging times.

The need of the hour was to provide a much needed bailout package both in the form direct and indirect incentivisation for the trade and industry especially the exports sector looking at the global scenario, said Saraf.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 11th Aug 2020

Turkey's apparel exports decline 23.29% in H1 2020

Apparel exports from Turkey decreased by 23.29 per cent in the first...

Pic: Shutterstock

Textiles | On 11th Aug 2020

Pak importers want withdrawal of duty on spun yarn

Pakistani textile importers have demanded withdrawal of the 2 per...

Pic: Simple Shoes

Apparel/Garments | On 11th Aug 2020

Kandui acquires outstanding assets, IP of Simple Shoes

Kandui Holdings, established by the founding family of the Hurley...

Interviews View All

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Footwear industry, Head honchos

Footwear industry
Head honchos

There is rising demand for fancy, trendy and yet comfortable footwear

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Tom,

Tom

<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Vikram Juneja,

Vikram Juneja

Jaquard is a training institute providing a highly specialised training...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search