FIEO demands govt set up a regulatory authority to intervene against massive hike in freight rates by global shipping lines

The Federation of Indian Exporters organisatin (FIEO) has urged the government to announce extension of interest equailisation scheme and intiate measure to augment the flow of empty containers and meet the acute shortage faced by Exporters.

The Goverment should also set up a Regulatory Authority to seek justification from Global Shipping Lines for resorting to massive freight hike in select sectors. The Exporters organisation also acknowledged the slew of measures announced by the government to support Exports.

Govt urged to provide freight support to all exports till 31st March 2022

FIEO has also urged the government to provide freight support to all exports till 31st March 2022 taking into account the fact that the freight rates have skyrocketed and are likely to come down by March next year

The Federation of Indian Exporters Organisation  President, Dr A Sakthivel  was reacting to  the monthly exports performance of  35.47 billion US dollars  with an impressive double-digit growth of more than 42 percent.

The FIEO Chief also praised efforts of the exporting community, who have continued to perform remarkably well during these challenging times

The monthly trade data for October signifies the importance of opening up and further recovery of economies across the globe coupled with buoyant order booking position across sectors. This has not only added positive sentiment for exports but has also further enthused the exporters to perform with much more vigour and zeal thereby achieving the USD 400 billion merchandise exports target in the current fiscal

The top sectors, which performed impressively during the month were Engineering Goods, Petroleum Products, Gem and Jewellery, Organic and Inorganic Chemicals, Drugs and Pharmaceuticals, Electronic Goods, Cotton Yarn/Fabrics/Made-ups, Handloom Products, Ready Made Garments of All Textiles, Marine Products and Plastic & Linoleum.

He emphasised that many labour-intensive sectors were major contributors, which itself is a good sign, further helping job creation in the country.

However, imports yet again clocking over 55 billion US dollars with a growth of over 62 percent during the month should be analysed, said Dr A Sakthivel.