FIEO for easier procedures in new foreign trade policy

Exporters pitched for easier procedures, lower transaction costs and continuation of interest subvention scheme

With an eye on $750 billion export target by FY2018-19, exporters today pitched for easier procedures, lower transaction costs and continuation of interest subvention scheme in the new foreign trade policy.

"We want the policy to address the paperwork, ease the processes for exporters, address the inter-departmental issues of revenue and commerce. Once a license is issued, you are asked to take it to the customs, get it re-verified, all these procedures are taking time and clearances".

"The transaction cost which is very, very high in India, we hope will be addressed through the policy so that the transaction time and the cost can be reduced. Moreover, interest subvention scheme has to be extended further," FIEO (Federation of Indian Export Organisations) President M Rafeeque Ahmed told PTI.

Ahmed also released a book on Regulatory and Facilitating Financial Framework for Exports & Imports by FIEO.

India's exports in the last three years have been hovering around $300 billion, and steps are on to boost it further and enhance its contribution in the world trade.

All exports and import-related activities are governed by the FTP, mainly aimed at enhancing the country's exports and use trade expansion as an effective instrument of economic growth and employment generation.

Services sector contributes about 55% to the country's gross domestic product. During May, services exports were about $14 billion.

During April-June period of the current fiscal, exports grew 9.31% to $80.11 billion.

India's exports in 2013-14 were worth $312.35 billion, lower than the targeted $325 billion.

The country's exports stood at $300.4 billion in 2012-13 and $307 billion in 2011-12.

On Prime Minister Narendra Modi's Make in India campaign, set to be unveiled on Thursday, Ahmed said: "Unless our manufacturing does not grow, our exports will not grow. It all depends on what is the announcement they are going to make. I hope certain measures to ease investment in India, including the labour laws, are announced".

Seeking to make the country a global manufacturing hub, Modi is scheduled to launch the ambitious 'Make in India' campaign in the presence of global and domestic CEOs on September 25.