Exports Can Reach $340 Billion Target In FY 15

The Federation of Indian Export Organisations (FIEO) believes that the right export policies will help the government to achieve its FY 15’s export target of $340 billion.

“The exports have already reached US$ 216 billion and with exports of US$ 31 billion each month, we would reach the target,” said M Rafeeque Ahmed, president of FIEO.

However, he noted that one of the first initiatives to achieve the target was to introduce Interest Subvention Scheme for exporters. “Interest burden is hitting the small exporters who are losing their export competitiveness saddled with high interest rates,” added Ahmed.

The apex body of exporters is happy with the data on exports recorded for November 2014. The exports grew by 7.3% over October 2014. The sectors that performed well in November included engineering goods, drugs and pharmaceuticals, gems and jewellery, cotton and man-made yarn, carpets, coffee, spices among others.

“The positive growth of 7.3% in exports in the month of November coming on the heel of negative growth in October is very encouraging. While healthy growth have been witnessed in Readymade Garments and Organic & Inorganic sector, our worry has been the marine sector which showed a decline in November,” stated Ahmed.