FIEO President Hits at Rupee Payment Trade with Iran, Calls for Limits to Protect Indian Origin Goods

Hailing the Notification permitting export of imported goods to Iran with 15% value addition, Mr M Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO) said that the move will benefit Indian exports and we can look forward for sizable growth in India’s exports to Iran in the current fiscal.

FIEO suggests that Government should put a cap on such exports so that the basic idea of promoting manufactured exports from the country remain in focus and the new provision is tested on a limited scale.

The opening of Letter of Credit from Iran under the Rupee Payment Mechanism has been impressive touching about US$ 400 million on monthly basis. With the new provision being put into place, we can look for exports close to US$ 6 billion in 2013-14 added Mr Ahmed.