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The Federation of Indian Export Organisations (FIEO) will focus on export promotion as the government targets $ 400 billion worth exports during the current fiscal, said A. Sakthivel, who assumed office as chairman of FIEO on Monday.
The target is achievable with the joint efforts of the government and the industry. The growth in exports in April and May are an indication that exports will keep growing. The FIEO will have an export promotion cell to identify new markets and products. It will continue to host virtual expos, which will benefit the MSMEs. “I will create a virtual platform within FIEO to showcase products of our members and to do the export promotion focusing on new countries and new products,” he said. The FIEO will also take part in virtual international exhibitions.
The contribution of MSMEs in exports should increase.
The government and the industry should increase their marketing budgets and the government should look at enhancing market access initiative funds from the current ₹200 crore. Alternatively, a planned scheme for marketing aimed to take exports to $ 1 trillion in next five years may be rolled in with a minimum corpus of ₹ 1,000 crore annually.
Another push for marketing should come from free trade agreements with major trading partners: the United States, the United Kingodm and the European Union besides one with Australia, New Zealand, Canada, and Israel. Such FTAs will also help attract FDIs, he said.