New Delhi, May 13 (KNN) There is a need to further propel manufacturing and focus on enhanced marketing, services exports, e-commerce, hi-tech products and merchanting trade, exporters body said.
Growth in exports month-on-month basis augur well for the country said President, Federation of Indian Export Organisations (FIEO), M.Rafeeque Ahmed.
The new financial year has started on a positive note and we look forward to build on it. We are aiming for double digit growth in exports to keep trade deficits within manageable limit, he said.
FIEO Chief said that the target of new Foreign Trade Policy should be to increase export to at least USD 750 billion by 2019. This would require CAGR of 19 per cent per annum and would need major thrust on manufacturing.
Growth of manufacturing sector, which has declined 3.7 per cent year-on-year in February, requires greater push for augmenting capacity and advance technology.
The new Foreign Trade Policy should initiate measures for competitive manufacturing in the country both for augmenting exports and substituting imports, he said adding that the focus should be on services exports, e-commerce, hi-tech products, merchanting trade, branded exports and effective coordination with states.
Exports should be brought under priority sector lending for credit availability to the sector with international benchmark rates, FIEO demanded.
Availability of electricity for MSME manufacturing with concessional rates is the need of the hour. Similarly extra efforts are required on the marketing front of Indian products globally.
Ahmed said that the recently released revised forecast of 4.7 per cent increase in global trade in 2014 and 5.3 per cent in 2015 also indicates that the projected growth in global trade is a very positive sign for Indian exports as the same has been a key factor in driving our exports.
Further FIEO Chief added that we should aim at about 20 per cent increase in exports.
Ahmed said that the US economy grew at a faster than anticipated pace in second half of 2013 while Canada is also expected to grow faster in 2014. The Euro Zone has emerged from the recession and expected to resume growth in 2014. Except in the case of Japan, growth in Asia picked up in second half of 2013 on recovering exports and robust domestic demand.
The global outlook is set for a growth after years of declination. There are opportunities which lies ahead for countries like India. Pragmatic approach with focus on international trade will provide required impetus to the Indian economy, he added.