Rising exports to markets like Brazil, South Africa and Saudi Arabia are fueling growth in the country’s outbound shipments, FIEO said on Tuesday.
Federation of Indian Export Organizations (FIEO) President A Sakthivel said the Economic Survey rightly highlighted India’s growing and diversifying trade in goods.
“The new diversified markets, including Brazil, South Africa and Saudi Arabia, have led to an up to two-fold increase in exports,” he said.
Ongoing trade negotiations with the UK, EU, Canada and Israel will also give further impetus to our exports, he added.
“Reducing logistics costs in the country, which are now 14-15 percent, comparable to the global benchmark, will help make our exports more competitive globally,” Sakthivel said.
Yogesh Gupta, regional chair of FIEO (Eastern Region), said the exporter community expects fiscal support and affordable credit from the forthcoming budget.
“The need of the hour is to support exports by lowering lending rates and restoring interest rate compensatory rates in the face of rising borrowing costs will be of great help,” Gupta said.
Additional financial support for units that create additional jobs in the export sector will also be an incentive for exporters.
“Special regimes for goods exported by MSMEs will act as a catalyst to increase the MSME contribution to exports. Also initiatives to facilitate doing business would be a great promoter, India should consider having its own shipping lines,” he said.
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