Thursday, January 26, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Latin America

‘Addressing container shortage, shipping freights to help exports hit $400 bn this fiscal’

MtR by MtR
August 8, 2021
in Latin America
0


New Delhi: Addressing acute shortage of containers, controlling high shipping freights and ensuring timely refund of pending dues are crucial to take the country’s overall exports to USD 400 billion by the end of this fiscal, according to exporters.

The other factors that could help in increasing shipments include ensuring that negotiations for various free-trade agreements (FTAs) lead to greater market access for Indian goods; attracting export-oriented foreign direct investment, credit to exporters at international rates; and investing in dedicated R&D and design centres for focused products in each state.

Leading leather exporter and Farida Group Chairman Rafeeq Ahmed said exporters are facing huge problems with regard to container shortage, and this issue needs to be resolved immediately.

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said, “Container shortage issue is the most serious one and it will affect manufacturing, as goods will pile up in factories”.

Sharing a similar view, Ludhiana Hand Tools Association President S C Ralhan said that along with shortage, high shipping freights are impacting domestic exporters and both these matters need attention of the government as “we are targeting USD 400 billion exports” in the current financial year.

Exports during April-July 2021 jumped 73.86 per cent to USD 130.56 billion, against USD 75.10 billion in the year-ago period.

FIEO former president S K Saraf suggested exporters to do aggressive marketing by looking at new market options; investing in technology to improve quality and productivity, and doubling of existing capacities.

From the government side, Saraf suggested amending land laws so that exporters can buy land and get all clearances in a month’s time; allowing bank finance at international price; and paying off pending dues within a month by all government departments.

Current FIEO President A Sakthivel also recommended the Centre for augmenting cash flow to exporters; and providing freight subsidy to adjust abnormal hike of shipping rates. He also urged the government to release pending claims of exporters under different schemes like MEIS (Merchandise Exports from India Scheme).

Mohit Singla, founder chairman of Trade Promotion Council of India (TPCI), said that to achieve the USD 400-billion target, there is a need for marketing support for focused products; national authority for meeting compliance and standards, and streamlining of payment mechanisms with banks for exporters.

Further, International Chamber of Commerce (ICC Paris-India) President Vikramjit S Sahney suggested setting up of an institutional mechanism for global market intelligence; enhanced role of Indian missions; and massive campaigns in key markets for brand building of traditional Indian exports.

“We also have to ensure that negotiations under various FTAs lead to greater market access for the Indian industry in partner countries. India should also focus more on attracting export-oriented FDI,” he said.

FIEO Vice-President (Western Region) Khalid Khan stated that exporters should now explore key markets in Latin America and Africa, as both these regions hold huge export potential.

“Besides, they have to start exporting high value-added goods. Huge potential is there in developing countries for such goods and this is the time when we have to push for that,” Khan said.

Plastics Export Promotion Council of India (Plexconcil) Chairman Arvind Goenka said sea freight rates have increased making the export goods uncompetitive with local manufacturers in respective countries.

“If the government regulates port charges and inland haulage charges in such a way that burden of increased sea freight is reduced, it can allow Indian exporters to pass on the benefit in their export price,” he added.

He also asked exporters to invest regularly in research and development to ensure that they can produce desirable quality at the lowest cost.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!



Source link

Related articles

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Desalination Market Expected to Grow at a CAGR of 9.7% from

August 10, 2022

Related Posts

Industrial Lubricants Market to Reach $71 Billion by 2027.

by MtR
August 10, 2022
0

Chicago, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, industrial lubricants market is expected to grow at a...

Desalination Market Expected to Grow at a CAGR of 9.7% from

by MtR
August 10, 2022
0

Pune, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Desalination Market by Vendor Assessment, Technology Assessment, Partner & Customer Ecosystem, type/solution, service,...

Avascular Necrosis Market Size is predicted to reach at USD

by MtR
August 10, 2022
0

NEW YORK, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The Global Avascular Necrosis Market size Accounted for USD 611 Million in...

Online Smartphone and Tablet Games market Trend | Predictable to Witness Sustainable Evolution Over 2031

by MtR
August 10, 2022
0

Online Smartphone and Tablet Games market Explores New Growth Opportunities 2022 Online Smartphone and Tablet Games market is anticipated to...

The US Enters a “Technical Recession”: Why it is Dangerous and How it can Affect Latin America – English Version

by MtR
August 10, 2022
0

The United States, the world’s largest economy, is in the midst of a storm. Its growth suffered two consecutive quarters...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter