Indias exporters could face challenges with continued appreciation of the rupee, Ajay Sahai
The Dollar Business The industry body FIEO forecast challenges for the exporters if the rupee continued appreciating in the future. Global trade is expected to grow at 2.4% in 2017, and there is likelihood of extreme instability in currencies. Though the rupee has gained against the dollar, and since competing currencies of other countries could depreciate further, rupee’s appreciation could hurt India’s competitiveness in its labour intensive business units especially sectors such as agro-products industries, handloom, leather, textiles and marine products. The government should support these sectors based on their forex returns so that those companies handling large imports, which will be benefitted with the appreciation are provided less support than those having little or no support. Speaking at a press meet ...
FIEO urges RBI to grant Iranian banks access to open branches in India
The Dollar Business Bureau Trade body FIEO has urged the nation’s central bank to allow Iranian banks to open their branches in India, which would help in facilitating trade. Speaking to the media, FIEO Director General Ajay Sahai said, “five Iranian lenders Bank of Pasargad, Saman Bank, Parsian Bank, Bank Mellat and Persia International Bank have applied for setting up branches in India. We want the RBI to expedite granting permissions for Iranian banks to establish branches in India.” However, he added, “Let us keep in mind that Iran has not been a very favourable country so far as the RBI is concerned. RBI has its reservations because they are looking at terrorism and other issues”. The norms which are being followed by RBI ...
Exports to witness a further push with decline in rupee
Manishika Miglani There may be good news for exporters in the country with rupee recently hitting a record low of 68.86 against the US dollar (USD). This is expected to give further push to the rebound in exports India witnessed in the month of October. Echoing the same emotion, Vinay Aggarwal, Director, Kalakriti Exports, said, “The declining of rupee is definitely increasing the exports as we are becoming cheaper to other countries. The potential of exports is increasing." On being asked about the expenses incurred by the textile industry on account of imports, Aggarwal said, “This is not a point of concern as the expenses we incur on imports gets compensated with the exports we do. The import cost gets balanced by the ...
Not macro but micro changes in FTP may be possible: FIEO
Aamir H Kaki Commenting on the mid-term review of the Foreign Trade Policy (FTP) by the Commerce Ministry, Ajay Sahai, Director General, Federation of Indian Export Organisations (FIEO) said that he is not expecting any macro change with regards to policy changes, but micro change may happen. “On policy changes in Merchandise Exports from India Scheme (MEIS) or Services Exports from India Scheme (SEIS), I am not expecting any macro change, micro change may happen. I don’t think they will look into scrapping the scheme and bring in a new scheme, but changes within scheme are definitely possible,” he said while speaking to The Dollar Business. The government has unveiled its first five-year FTP (2015-20) in April last year with an aim to double the exports of goods and services ...
Exports of seven agri products fall in May
The Dollar Business Bureau India’s exports of various agriculture commodities, including coffee, tea, rice and cashew fell in the month of May in the wake of declining commodity prices globally. Oil meals, cereals, dairy and poultry products also witnessed a negative growth during May. In total, 7 out of 13 key agriculture commodities that are closely watched by the ministry of commerce, were falling. On the other hand, experts from the industry are hopeful that the global prices of commodities would gradually become stable, which in turn, help in boosting exports of agricultural products. Ajay Sahai, DG & CEO, Federation of Indian Export Organisation (FIEO), said, “Prices of agriculture products would start becoming stable. It would help in pushing up agri exports.” ...
Indias FTAs utilisation rate is only 5-15%: FIEO
The Dollar Business Bureau The utilisation levels of India’s free trade agreements (FTAs) lie between 5% and 15%. This is the lowest rate of FTA utilisation in the world which is mainly due to the country’s import competitiveness, Ajay Sahai, Director General and CEO of Federation of Indian Export Organisations (FIEO) said. Ajay Sahai was speaking at the Power Series Conclave 2016-17, organised by The Dollar Business under the theme - Why Make‘in’g India, an export manufacturing superpower, is the need of the hour. So far India has signed 16 FTAs with different countries but the utilisation levels are very low when compared to other countries. This would benefit the countries with whom India has signed the FTAs, Sahai said. Expressing similar views, Anil ...
Power Series Conclave Edition 1 Boosting Make-in-India
The Dollar Business Bureau The first edition of The Dollar Business Power Series Conclave 2016-2017 was successfully unveiled on Thursday. The conclave had speakers and audience from all fields, who deliberated on Make(ing) in India an ‘Export Manufacturing Superpower’. The event kicked off on a high note with the surprise entry of Upasana Kamineni, Vice Chairperson-CSR, Apollo Hospitals and MD, Apollo Life. After lighting the lamp for the prestigious event, Kamineni shed light on the importance of export and import in the medical sector in India, which is the fastest growing economy in the world. The honourable panelists, included Ajay Sahai, Director General and CEO of FIEO, Georges de La Roche, Ambassador of Guatemala to India, Anil Rajvanshi, Head of Corporate Affairs and ...
DGFT to come up with new policies to push exports
Jasleen Kaur Expressing concern over the sharp decrease in India’s export, Director General of Foreign Trade Anup Wadhwan said the government will come out with different and new policies in which Indian exporters can play a crucial role. Interacting with exporters in an open house meeting at the Federation of India Export Organisation (FIEO) headquarters in New Delhi, Wadhawan said India’s exports have gone through very difficult period over the last 16-17 months. “The exports have been continuously declining even though it is consistent with the global trend. It is a matter of distress for the exporters also in terms of their aspiration not being fully met than in terms of the difficult environment that they are facing,” he said. ...
