In a session presided over by the Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, and attended by the Commerce Secretary, Rita Teaotia; OSD, Department of Commerce, Dr. Anup Wadhawan and DGFT, Alok Chaturvedi, FIEO unveiled its strategy for additional exports of $100 bn based on scientific analysis of India’s exports during 2007-12 and 2012-17 period as well as growth in global trade in the said period. FIEO strategy focuses on 685 products at 6 digit tariff lines, which will be the key to such strategy.
Based on the positive CAGR in India’s exports as well as trend in global trade, FIEO projected 124 products as the Champion products, which can provide additional exports of $46 bn. 54 products providing additional exports of $32 bn are part of its market penetration strategy. The strategy also covers 197 products, wherein India is losing its market share and thus requires a market retention strategy, which could provide additional exports of $16 bn. A key element of the strategy was identification 310 products, which exhibited a CAGR of over 10 per cent during 2012-17, which requires a product diversification and penetration strategy. However, FIEO strategy also flagged the global & domestic challenges, which needs to factor into and preferably be addressed to achieve such milestone.
The interactive session raised the concerns of the exporters with regard to increasing protectionism, currency volatility, sanction on Iran & Russia, banking challenges, high cost of credit, liquidity crunch, marketing and branding support, etc.