India showed 20 percent fall in export during FY21

The Federation of Indian Export Organisations (FIEO) reported that the export from India is expected to fall by 20 per cent in the current fiscal in the wake of the coronavirus pandemic.

FIEO directed the exporters to improve their competitiveness in the global markets.

It also requested the GoI to provide 2% additional Merchandise Exports from India Scheme (MEIS) support to all exports and 4% to labor-intensive sectors like apparel, leather, handicraft, carpets, marine, tea, and processed food.

Merchandise exports constitute around 12% of India’s GDP, and foreign exchange earning is around $320 billion.

FIEO is the apex trade promotion organization. It was set up by the Ministry of Commerce and private trade and industry. It is responsible to represent and assist Indian entrepreneurs and exporters in foreign markets.