Mumbai has made notable contribution in building country's economy and also provided momentum to it, said Anand Sharma, Minister of Commerce & Industry at the inauguration of state of the art, modern, suave office of Federation of Indian Export Organisations (FIEO) in Mumbai.
Minister referred to both global and domestic factors responsible for currency volatility and expressed concern over slowdown in GDP as every 1% drop in GDP threatens 3 million jobs and thus push to GDP growth is not an option but an imperative for India.
Sharma assured that India has strong fundamentals and resources and thus has the potential to grow much more. He exuded confidence that GDP growth during 2013-14 will outpace GDP growth last fiscal.
Rafeeque Ahmed, president FIEO referred to improving global economic scenario both in EU and US to help in posting better exports growth in second half of the current financial year.
Ahmed suggested for aggressive marketing in China as the best strategy to reduce trade deficit as China is unaware of India's manufacturing capabilities in various sectors.
SR Rao Commerce Secretary said that initial indications points that August export figure is likely to be as impressive as in July when we recorded 12% growth.
Rao was confident that increasing exports will help in managing the trade deficit which is likely to be much less in the current year as compared to 2012-13.
Anup Pujari
DGFT who responded to wide ranging issues, in the interactive session organised by FIEO with over 250 exporters, assured that he is continuously striving to reduce transaction cost so as to impart competitiveness to exports.
Amit Goel, vice- president and Regional Chairman (WR) of FIEO said, that Western Region Office of FIEO contribute to 48% of Membership and the members contribute to over 50% of exports.
Goel referred to various operational difficulties faced by exporters which requires redressal in time bound manner.
Ajay Sahai, director general & CEO of FIEO referred to problems encountered due to limited exposure provided by ECGC on overseas buyers, irrespective of track record and turnover, which hinders exports.
He stressed the need of organizing workshops to give exposures to exporters to new facilities launched by Customs including Accelerated Client Programme and Authorized Economic Operators scheme.
Source : myiris.com