FIEO demands support measures in budget to push exports

Exporters body FIEO Tuesday expressed concerns over slow growth in exports and demanded support from the government in the forthcoming interim budget to boost outbound shipments.

Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said the export data for past two-three months, which are showing low or marginal growth, is a matter of concern to all.

"I expect that the budget, though an interim one, will unveil certain benefits, particularly for MSME sector, and for those specific product clusters and research and development, which will help in increasing exports, giving boost to manufacturing and job creation," he said in a statement.

In November 2018, the country's exports grew by 0.8 per cent, while in December 2018 it rose by a marginal 0.34 per cent.

Gupta asked for refund of state taxes, including levies on petroleum and electricity.

"Promoting exports in the budget and giving it a much needed support at a time when global economy is facing slowdown, will come as a morale booster for the sector," he added.

Employment creation is the biggest challenge in the country and therefore the budget should provide tax concession to units which create jobs in the country, he said.

Gupta also demanded setting up of an export development fund for marketing of products.

During April-December 2018, the country's total exports grew 10.18 per cent to USD 245.44 billion.

The interim budget will be presented on February 1.