A Sakthivel, president of export organization FIEO, said that India can achieve the export target of $ 400 billion but it will have to find new markets in the world with the help of free trade agreements.
FTA will help in increasing the country’s exports.
Exporters’ body FIEO said on Monday that a “slightly ambitious” export target of $400 billion can be achieved during the current fiscal, but it requires an aggressive marketing strategy and venturing into new markets. Newly elected President of Federation of Indian Export Organizations (FIEO) A Sakthivel said that free trade agreements (FTAs) with countries like UK, Europe, Australia and the US will help in increasing the country’s exports.
He said that these agreements can give a boost to marketing and will also help in attracting foreign investment. “One of the many reasons for Vietnam’s success in attracting investments and relocating units is its effective FTA with the rest of the world,” he told reporters. It is very encouraging that the government along with many business partners is moving forward in this direction simultaneously.” He urged both the industry and the government to increase their marketing budget.
Need to increase MPI fund
Sakthivel suggested the government to increase the Market Access Initiative (MPI) fund from the current level of Rs 200 crore and prepare a marketing plan to take exports to USD 1,000 billion in the next five years. He says that for this, it should also be considered to take the MPI fund up to Rs 1000 crore annually.
$400 billion export target
He said that the government has set a target of exports of $ 400 billion in the current financial year. It just sounds like a big deal, but it is achievable. For this, aggressive marketing policy and stepping into new markets will definitely be required. The new president of FIEO said, ‘My priority will be to encourage exports. I will create an export promotion cell. This cell will identify new markets and new products for export.
Exports should be a national priority
FIEO is considering plans to make efforts to increase exports of Indian goods and services to the country concerned by establishing direct contact with Indian diplomatic missions abroad. Sakthivel said that exports should be a national priority. All stakeholders should work in harmony in this endeavour.
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