FIEO expects 20% fall in export during FY21

An official of the apex exporter said that they expect the fall by 20% (USD 50-60 billion) during the current financial year in the wake of the coronavirus pandemic . This fall will lead to loss of jobs and creation of jobs as well.

The Federation of Indian Export Organization ( FIEO) reaches out to the government for more support . The director general and cheif executive of FIEO, Ajay Sahai, shares how the export business is losing there competitiveness in the global market as China has started the production and therefore FIEO asked for two percent of additional MEIS ( Merchandise Export from Indian Scheme) help for export and four percent to labour intensive sectors.

According to Sahai, this contribution is necessary as Export business leads to 12 per cent of India’s GDP and around USD 320 billion of foreign exchange earnings.