18 October 2022
Hon'ble CIM Piyush Goyal addressed the Exporters Conclave in Chennai on October 16, 2022 .
- At a meeting held in Chennai with the exporters on the 16th of October, 2022, the Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and textiles, Piyush Goyal anticipates the achievement of the 2 trillion export target by India by the year 2030 and becoming a 30 trillion economy with 25% share in exports by 2047.
- The Minister discussed the issues and the ways to sustain the growth momentum. The Meeting was attended by a large number of leading exporters of various sectors, from Tamil Nadu.
- He further expressed his confidence in the Indian exporters in withstanding the global challenges and surpassing the growth in exports by a big margin, as an approach toward making India a developed nation.
- Dr. A Sakthivel, President, of FIEO also addressed the Meeting on the favorable export opportunities to Russia and the EU and estimated that an additional export of US$ 8-10 Bn to Russia in the next 12 months and US$ 15-20 Bn to the EU.
- As a solution to the liquidity problems of the exporters, he requested the Hon'ble Minister for introducing an Export Refinance Facility for banks at the Repo rate to the extent of credit extended to the export sector. He also requested the GST exemption on export freight.
- Considering the rising interest rates crossing pre –covid level, Dr. Sakthivel stated that the exporters are looking towards increasing interest subvention to 5% for MSMEs manufacturers and 3% to all in respect of 410 tariff lines.
- The exporters also addressed commonly-faced issues like the rising cost of raw materials and subdued demand in certain key export markets and the need for more support to the exporters to which they were assured of the active grievance redressal by the Government, where some issues were resolved on the spot.
- Furthermore, Industry leaders at the meeting requested for including left out sectors under RoDTEP and rationalization of existing RoDTEP rates, exploring the possibility of increased support under the Interest Equalisation Scheme (IES) and under Market Access Initiative (MAI), and operationalization of Production-Linked Incentive (PLI) Schemes for additional sectors.
- The President, FIEO, further thanked the Hon'ble Minister for agreeing to include the Iron & Steel, Pharma, and Chemical sectors under the RoDTEP Scheme ensuring further competitiveness for these sectors.
- Dr. Shanmuga Sundaram IAS Development Commissioner, MEPZ SEZ in the meeting highlighted the export potentials of Tamil Nadu and SEZ unveiling the highly developed industrial manufacturing ecosystem of the state.
- India recorded new milestones in goods & services exports in the last fiscal clocking US$ 422 Bn in merchandise sectors and US$ 254 Bn in services exports. 50% of the incremental GDP in 2021-22 was contributed by the exports sector.
- Despite global headwinds, Indian exports have done reasonably well clocking 15% growth in the first six months of the current fiscal.
- Many more issues like the need for higher subvention under IES, Relief on Average Export Obligation under EPCG for the Service Sector; Export Benefit extension for export to Russia under Rupee payment; Withdrawal of 50% duty of export of law-grade Iron Ore; etc. were also discussed.
