PTI: June 26, 2019
New Delhi: The government's focus to improve logistics, ease of doing business and modern trade infrastructure will help exports to touch USD one trillion in the next three years, exporters body FIEO said Tuesday.
Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said India has huge potential to boost it's exports of goods and services from the current USD 535 billion.
"With steps like special focus on cutting logistics cost and time, further improvement in ease of doing business, proper implementation of government policies for exporters and timely refund of taxes will helps us touch USD one trillion exports in the next three years," Gupta said.
He said the logistics time, cost and inadequate trade related infrastructure are impacting the exports.
Reduction of logistics cost by 10 per cent will help boost the country's exports by about 5-8 per cent, Gupta added.
He also said that to develop logistics sector in an integrated way, it is important to focus on new technology, improved investment, skilling, removing bottlenecks, improving inter modal transportation, automation, single window system for giving clearances, and simplifying processes.
Gupta also that timely refund of taxes such as goods and services tax will help exporters deal with the liquidity crunch problem.
There is also a need to focus on export of GI products and the government should give adequate funds for marketing of these goods to push their shipments, he added.
A Geographical Indication (GI) is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods) originating from a definite geographical territory.
Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.