FIEO states India shows 20 percent fall in export during FY21 due to COVID-19 pandemic

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

Updated: May 19,2020 07:44:20 pm

FIEO states India shows 20 percent fall in export during FY21 due to COVID-19 pandemic

19 May 2020 Current Affairs:The Federation of Indian Export Organisations (FIEO) reported thatt the export from India is expected to fall by 20%, around $50-$60 billion, in the current fiscal year due to the COVID-19 pandemic. It also suggested a decline in imports.

Highlights:
♦ 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.

Federation of Indian Export Organisations:
Formed: 1965
Headquarters: New Delhi
President: Sharad Kumar Saraf 
Vice President: Mahesh Keyal
Director General & CEO: Dr. Ajay Sahai
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.
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