Foreign trade data for the month of June has been very positive. With both the advanced and emerging economies showing better economic indicators, the global situation is conducive to exports.

M Rafeeque Ahmed, President of the Federation of Indian Export Organisations, has said that the continuance of the double-digit growth in exports is a very positive sign.

IIP numbers

With encouraging IIP numbers for the month of May, a further improved performance in the months ahead is expected, he said, adding that the steps announced by the Finance Minister in the Budget, including extension of 24x7 facility for all export promotion schemes, single point interaction with customs as the hub for all exim transactions online, institutionalisation of export promotion mission and involvement of the states in export would further facilitate exports, besides reducing the transaction cost and time.

He added that the flow of credit to the export sector is still not adequate and that it needed to be augmented for promoting exports, so that new and small entrepreneurs are not deprived of the opportunities coming through globalisation.

Ahmed termed as positive the import growth in no- oil imports by 7 per cent, especially given the recent growth in manufacturing.

Foreign trade policy

He added that the new Foreign Trade Policy 2014-19 should attempt to integrate India in the global value chain and put focus on high tech exports, electronic hardware, branded exports, project exports, services exports, besides traditional sectors which have high employment ratio.

He reiterated that exporters needed to aim for a target of $750 billion by 2018-19, which though challenging could be achievable with the integrated efforts of all stakeholders.

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