Monday, Nov 28 2022 | Time 18:17 Hrs(IST)
Business Economy

Lack of awareness of schemes main reasons for low exports: Official

Panaji, Feb 21 (UNI) Lack of awareness of the various schemes of the government was one of the main reasons for low exports from the country, Ramesh Holeyachi, ITS, deputy director general of Foreign Trade, Goa, said today.
Speaking at an Exports Facilitation Seminar organised by World Trade Centre-Goa in association with Reserve Bank of India and World Trade Centre-Mumbai in the city, he explained that schemes like Merchandise Export from India Scheme (MIES), the Service Export from India Scheme (SIES) EPCG Scheme for promotion of capital goods and the 'Niryat Bandhu Scheme' for mentoring new and potential exporters were flagship schemes launched by the Government of India to facilitate exports from the country.
Highlighting the recently introduced REX (Registered Export System) Policy of the European Union and lucidly explaining the crucial aspects of the scheme to the exporters present, Mr Holeyachi said, ''India’s exports share currently stands at round 1.5 per cent of the world’s total exports and the Government of India in its Foreign Trade Policy for 2015-20 has targeted to increase the exports share to 3.5 per cent corresponding to USD
90 billion.''
Stating that exports are growth engine for the country as it increased trade and helped in earning valuable foreign
exchange and also generate employment, he encouraged all the exporters to take advantage of all the specially designed schemes and incentives offered to boost exports.
Meenakshi Gad, deputy general manager, highlighted the role of Reserve Bank of India (RBI) with in debt management and implementation of Foreign Exchange Management Act (FEMA).
She opined that Goa as a state had almost 970 FDI companies and it augured well for the state which itself could be classified as a well-banked state.
WTC Goa assistant director Cyril Desouza appraised the exporters of the widening trade deficit which in January 2017 stood at USD 9.84 billion and he was of the view that the trade deficit threw up huge challenges and opportunities for the exponential growth of Exports from India.
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