Govt support needed in undertaking overseas marketing initiatives to boost exports: FIEO
Apex exporters body FIEO has urged the government to support domestic exporters in undertaking overseas marketing initiatives with a view to boost outbound shipments.
Federation of Indian Export Organisations (FIEO) President A Sakthivel said that Indian exporters lack in marketing and small exporters “hardly” have resources to market aggressively overseas. “Government support and encouragement for aggressive marketing will push exports and will yield the desired results. We need to set up state-of-the-art exposition centers in important business centers abroad. Many countries have done it successfully,” he said.
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Sakthivel also said that the country’s exports are growing at a healthy pace and USD 2 trillion target by 2030 would be achieved before time. The country’s goods and services exports have reached an all-time high of USD 773 billion in 2022-23. “The export sector added USD 218 billion in the last two financial years,” he added. Sakthivel was addressing an award function of FIEO here on Wednesday. Commerce and Industry Minister Piyush Goyal gave Niryat Shree and Niryat Bandhu awards to the outstanding exporters and service providers based on their export performance.
FIEO Director General Ajay Sahai said the share of exports in the country’s GDP is around 22 per cent. “In 2021-22, out of overall incremental GDP in the financial year, over 50 per cent was contributed by exports alone. In 2022-23, despite global headwinds, exports accounted for over 40 per cent of the incremental GDP,” Sahai said.