The apex export promotion body, Federation of Indian Export Organisations has advocated for the introduction of a special fund by the government for export development and marketing to support India’s MSME export sector.
The apex export promotion body, Federation of Indian Export Organisations has advocated for the introduction of a special fund by the government for export development and marketing to support India’s MSME export sector.
Reacting to the exports carried out in the month of July, M Rafeeque Ahmed, President, FIEO in a press statement said, “Aggressive marketing and an export development fund is need of the hour.” Ahmed asked for an Export Development Fund with a corpus of 0.5 per cent of FOB value to help exporters enter new markets.
In regard to the high cost of credit effecting exports and manufacturing, Ahmed added, “The high cost of credit is making it difficult for entrepreneurs to increase their capacity or modernize the same.”
He further stated that with the contraction in demand, more focus should be on aggressive marketing for which Government should provide liberal marketing support through MAI and MDA Schemes to MSME exporters.
He blamed sluggish global conditions and slowdown in domestic manufacturing for decline in export growth.
The latest data on exports released on Tuesday suggested a decline of 14.8 percent in exports to $22.4 billion in July, compared to $26.3 billion in July, last year. Also, Trade deficit widened to $15.5 billion in July because of excess of imports ($37.9 billion) over exports.
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