FIEO Chief Calls for DGFT Reforms

Slowdown in August points to bleak and challenging time ahead: Ramu S. Deora, President, FIEO

FIEO Chief appealed to the Government to announce immediate reduction in interest rate for exports and interest subvention scheme for exporters along with PCFC loans for MSME segment so that exporters can sustain the competitiveness. Mr. Deora also suggested to carry out far reaching reforms in DGFT to make it nodal agency for facilitating exports.

Reacting to the Trade Data of August 2011, Mr Ramu S. Deora, President, FIEO said that though 44.2 %growth in exports is remarkable but against the backdrop of over 81% growth in July, it would be termed as moderate. FIEO Chief complimented RMG (32%) Man Made Fibre (57%) Electronics (75%), Automobile products and Gems and Jewellery exporters who contributed largely to export growth.

The overall exports in April–August, 2011 touched US $ 134.5 Billion while imports stood at US$189.4 Billion increasing trade deficit to US$ 54.9 Billion which should be a cause of concern for all of us said Mr Deora and Government should ensure level playing field to domestic manufacturers to effectively compete with imports.

[Source: FIEO Press Release dated 3^rd October 2011]