CHANDIGARH: The Federation of Indian Export Organisations (FIEO) today asked exporters to tap other than US and Europe markets to boost exports saying that there is huge potential for Indian products in emerging export markets.
Working under the ministry of Commerce,FIEO also pitched for cheaper credit and raise in market development funds in order to bolster exports.
"The demand for products from Indian to US and Europe has still not picked up at a desired pace. There is still status quo as far as demand is concerned.
"Therefore the exporters should concentrate on other emerging markets like Russia, Asean, CIS countries and Latin American countries where the demand is still big," FIEO DirectorAshish Jain said here at a PHD seminar.
"There is a lot of demand for engineering items, readymade garments, kidswear, leather goods and gems and jewellery in emerging and new markets," he added.
Jain said US and Europe has share of 32-35 per cent of country's exports.
Pitching for Centre's support, Jain said the government should cheaper credit to exporters on par with rate of interest in global markets so that Indian products remain competitive in overseas markets.
"Exporters should be given credit at much cheaper rates which will help in pushing up exports," he said.
He further said the government should also raise market development funds so that exporters especially small and medium ones could have access to newer and potential markets.
"Market development funds should be fixed at at least 2 per cent of total exports," Jain said.
FIEO anticipated, with such steps, the country's exports could grow by 8-10 per cent in current fiscal.
"Definitely our exports can grow by 8-10 per cent as against 5 per cent at present," he said.
The cumulative value of exports for the period April- September 2013-14 stood at USD 152.10 billion as against USD 144.67 billion registering a growth of 5.14 per cent, S C Ralhan, Chairman, FIEO (North) said.
Jain further said FIEO would hold an exhibition in Russia next year where Indian products will be showcased. "Russia is a good market for sports goods, tea, cofee and readymade garmets etc," he said.