Hon’ble President of India Shri Pranab Mukherjee presented the 15th Set of FIEO “Niryat Shree” and “Niryat Bandhu” Awards to companies from various sectors of exports besides service providers, banks, various facilitating agencies promoting exports during the Golden Jubilee Celebration of Federation of Indian Export Organisations (FIEO) here at New Delhi on 4th of May, 2016. During the function, he also unveiled the brand new FIEO Logo representing growth, vibrancy, innovation and entrepreneurship.
During his keynote address President of India said that the global economic slowdown – by bringing down global demand – has affected India’s exports. It is a matter of some concern that our exports have been continuously decreasing since December 2014. Indian merchandise exports, recorded at US Dollar 261 billion in 2015-16, constitute a decline of over 15 percent. The Indian service exports were comparatively better, perhaps because of a recovery in our traditional export markets such as the USA, President said. While the export sector remained bleak, there was some comfort brought about by the falling commodity prices globally. With a dwindling import bill, it resulted in a healthy current account deficit of 1.4 percent of GDP in the first three quarters of 2015-16. Yet, we must be concerned with the volume of trade taking place as falling trade levels impact on the economy, industrial growth and employment levels. The volume of world trade is expected to remain sluggish in 2016, growing at 2.8 percent. Shri Pranab Mukherjee also added that in a scenario such as this, we need to devise cohesive strategies of retaining our market share first and then increasing it. In this context, the Government through its Foreign Trade Policy has initiated a number of measures to promote exports of goods and services.