In view of continuous growth in the country’s export, Exporters body Federation of Indian Export Organisations (FIEO) has set the export target of $325 billion this fiscal year. FIEO in a statement said that “Indian exports have been on an upward trend in last few months with export of $275 billion in last fiscal and a target of $325 billion to achieve in 2017-18”.
FIEO welcomed the introduction of the Goods and Services Tax (GST) and said that its spin off effect would benefit both the manufacturing and export sector. It said that GST is a well needed reform and the transition will require some time, and calibrated process of foreign trade policy will be continuous. FIEO president Ganesh Kumar Gupta though said that, while India showed a positive trend on exports since the last 9 months, but the business is a bit anxious regarding to the Goods and Services Tax (GST).
Commerce Secretary while interacting with the FIEO sought policy inputs and suggestions at a Mid Term Review of Foreign Trade Policy interactive session. The meeting also covered topics like SEZ electricity duty refunds, issues related to non EDI land ports and Bangladesh exports and about shipping lines overcharging.