FIEO President said that overcoming all the challenges in such adverse situation, 28 out of 30 major product groups of exports have increased by an impressive third point. However, it is a matter of concern that the imports of March 2021 have increased by 53 per cent to $ 48.12 billion as compared to the same period of the last financial year. Due to this, the trade deficit reached the level of $ 14.11 billion. This is 41.40 percent more at the monthly level.
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Exports increased due to these productsGrain, cake, iron ore, jute, floor coverings, carpets, electronic goods, gems and jewelery, engineering goods, ready grain and miscellaneous processed goods, rice, spices, cotton yarn-readymade garments, handloom products, etc., meat, in March Dairy & Poultry Products, Ceramic Products & Glassware, Drugs & Pharmaceuticals, Organic & Inorganic Chemicals, Plastics & Linoleum, Handicrafts, Handmade Carpets, Marine Products, Manmade Yarn-Fabrics-Made-up etc., Mica, Coal & Other ores, petroleum products, all textiles, coffee, fruits and vegetables, leather and leather products, tobacco and tea were the sectors that contributed to this excellent export performance.
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Will help in achieving the goal of $ 350 billion
The FIEO President said that this outstanding export performance during the month helped to take the total exports to over 290 billion dollars in this challenging and difficult time. He said that taking advantage of this pace of exports, we should aim to export $ 350 billion in this financial year. This will help increase the double digit in the economy as well. The Fio chief said that the support and help provided by the government during these challenging times, especially by the Union Finance Minister and the Union Minister of Commerce and Industry, is commendable.
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After these steps, exports will gain further
The FIEO chairman requested the government to notify the roadtep rates soon so that the uncertainty of business and industry mindsets could be removed. This will enable new contracts with foreign buyers. Saraf also reiterated that the IGST was presented to the government after September 2021 with some key issues including the announcement of new FTP, adequate availability of containers, release of required funds for roadtaps and MEIS and clarity on SEIS benefits, softening of freight charges. Effortless refund should be given attention. An Export Development Fund should also be created for marketing of Brand India products.