We will be able to achieve USD 900 billion exports: FIEO
Mar 31, 2023
New Delhi [India], March 31 : Foreign Trade policy (FTP) 2023 is focussed more on export growth, and the country will achieve USD 900 billion in exports in the next financial year, Dr A Sakthivel, the President of Federation of India Export Organisation (FIEO) said.
Talking to ANI, the FIEO President said., "I am very confident that next year we will be able to achieve USD 900 bn exports of goods and services".
Sakthivel said that We welcome this foreign trade policy because now there is no time limit for it.
"So, because of the global situation, we need regular amendments. So once five years policy then we get stuck. So this policy is good for us in that way. Our export to Russia and other countries are stuck. We are getting good orders from such companies but we are not able to do it because of the Rupee mechanism. So the government is going to consider the rupee trade mechanism that is good. A lot of countries are starving for foreign currency. Countries like Russia, Sri Lanka, Iran, and Iraq are short of foreign exchange. If the Rupee trade mechanism is in place, it is easy for exporters to trade with these countries," he told ANI.
Earlier in the day, Union Commerce Minister Piyush Goyal said that India's exports have surpassed 750 billion USD, and the country is on track to achieve the 2 trillion USD export target by 2030.
Arun Garodia, the Chairman of the Engineering Export Promotion Council of India (EEPC) said that they are hopeful of their exports rising significantly from the next year.
"We are hopeful that for the next year, our exports, be it merchandise or services, are going to increase significantly. There is no sunset clause in FTP 2023. Due to this, there was a fear among the exporters that after the end of the policy, the uncertainty will no longer exist," he said.
Pankaj Chaddha, the senior VP, of EEPC said that One District One Product has been promoted in this policy.
"Their products will be brought internationally. One District One Product has made every district an exporter today. As Japan, South Korea, Germany, and France move forward, we are also moving forward at the same step. Our product will also be acceptable anywhere in the world," he said.
Naren Goenka, the Chairman of AEPC said the FTP 2023 encapsulates the progressive and growth-oriented vision of the government for promoting India's exports.
"It is pro-MSME, innovative in approach and in the spirit of cooperative federalism. It will help promote women's participation and promote start-up ecosystems for technology infusion into manufacturing and business processes, ensuring efficiency and competitiveness. The focus on cross-border e-commerce will help align India with the global digital business value chain. The added thrust on sustainability, compliance and ease of doing business will help India boost exports," he said.
Welcoming the newly launched Foreign Trade Policy 2023, Mr Vinod Aggarwal, the President of SIAM; and MD and CEO of VECV said that the Auto Industry would get substantially benefitted from the FTP 2023.
"Measures such as self-certification of origin, reduction of the threshold for Status Holders of Exporters, enabling Rupee payment and reduced Export Obligation under EPCG Scheme for Electric Vehicles. These measures will go a long way in propelling Automobile Exports from India, as Indian vehicle manufacturers are increasingly focusing on widening their exports footprint," he said.
