: FIEO seeks 24 months extension on validity of scrips to support exports #FinanceIndia #StockMarketNEWS New Delhi, Feb 15 (KNN) The Federation of Indian Export Organisations (FIEO) has urged the

@StockMarketNEWS Tue 15 Feb, 2022

Posted in: #FinanceIndia #StockMarketNEWS

FIEO seeks 24 months extension on validity of scrips to support exports #FinanceIndia #StockMarketNEWS
New Delhi, Feb 15 (KNN) The Federation of Indian Export Organisations (FIEO) has urged the government to increase the validity of scrips to 24 months to boost exports and achieve the target of usd 400 billion.

It has also demanded to expand the usages of RoDTEP and RoSCTL scrips to enhance the productivity of the sector.

Commenting on the January 2022 trade data, FIEO President, Dr A Sakthivel said that the exports of USD 34.50 billion with a growth of 25.28 percent during the month has once again showed the resilience of Indias exports sector.

“The enthusiasm with which the Exim community has impressively performed has further given a boost to the sector, thereby helping the economy further move towards recovery. Reaching USD 335.88 billion with a very high growth of 46.73 percent compared to the same period previous fiscal is commendable in itself, further re-invigorating fresh impetus among the exporters of crossing the USD 400 billion exports target for the fiscal,” he added.

Sectors that performed well during the month were Petroleum Products, Engineering Goods, Organic & Inorganic Chemicals, Cotton Yarn/Fabrics/Made-ups, Handloom Products, Gems & Jewellery, RMG of All Textiles, Plastic & Linoleum, Electronic Goods, Marine Products and Man-made Yarn/Fabs./made-ups etc.

Out of these, almost all of them were labour-intensive sectors contributing majorly to the exports basket, further helping job creation in the country, Sakthive opined.

However he has expressed concerns for imports which is clocking at USD 51.93 billion during the month with a growth of 23.54 percent.

(KNN Bureau)