Continuous double digit export growth shows robust economy even in challenging times : FIEO

Posted by Daily Shipping Times on 17-05-2017        Tweet

NEW DELHI: The export growth for the month of April, 2017 again shows Indian economy’s robustness and capability to come out from the bad and challenging times said FIEO President Mr Ganesh Kumar Gupta. He expressed his happiness over the consecutive and continuous higher double digit of over 19 percent during the month. Mr Gupta expressed hope that the exporting community will continue with its commitment and hard work in achieving growth in exports.

FIEO President further added that the growth in all major sectors in 23 out of 30 major product groups, more so continued with the same positive trend in April, 2017 also. Mr Gupta said that Petroleum exports which has a major contribution in the exports basket has once again contributed with a robust growth of over 48 percent.

FIEO President said that the increasing imports is primarily on account of high imports of petroleum, crude & products, electronic goods, gold, pearls, precious and semi-precious stones which augured well for gems & jewellery exports during the first month of the fiscal. The higher import of petroleum is also reflected in higher exports of petro products. However we need to analyse the reasons for increasing electronic imports.

With the implementation of upcoming GST and release of the revised Foreign Trade Policy will give further push to export growth added Mr Gupta. On the GST front, FIEO President urged the Government that as the export sector is apprehensive that GST will affect their liquidity if inputs required for exports are subject to GST. Mr Ganesh Gupta is of the view that exporters be allowed to pay GST on transactions through e-currency & that the GST Council may look at providing export refunds through the duty drawback option by expanding it to cover both basic customs duty and Input Tax Credit.