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Global Uncertainties in export UPSC NOTE

 Global Uncertainties in export

  • The escalating geopolitical tensions may have implications for the country’s exports as it is likely to impact global demand, apex exporters’ body FIEO said

  • The uncertainties caused by the continuing war between Russia and Ukraine impacted India’s outbound shipments in 2023-24, which recorded a dip of 3.11% to $437 billion. Imports too slid by more than 8% to $677.24 billion.

  • If the global situation continues to be like this, it will impact global demand

  • Due to demand slowdown, offtake of goods will be low so foreign buyers will also take a longer period to make payments. 

  • So exporters require funds for a longer period

  • Exporters also need interest subvention support

  • On December 8, the Union Cabinet approved an additional allocation of ₹2,500 crore for the continuation of interest equalisation scheme up to June 30

  • The scheme helps exporters from identified sectors and MSME manufacturer exporters to avail competitive rates on pre- and post-shipment rupee export credit

FIEO

  • The Federation of Indian Export Organisations represents the Indian entrepreneurs spirit of enterprise in the global market. 

  • Apex body of the Government recognised Export Promotion Councils, Commodity Boards and Export Development Authorities in India. 

  • Set up in 1965 by Ministry of Commerce, Govt. of India to focus the efforts of all stakeholders engaged in promotion of trade from the country. 

  • Provides the crucial interface between International Trading community of India with the Central and State Governments, Financial Institutions, Ports, Railways, Surface Transport and all engaged in Export Trade Facilitation. 

  • Directly and indirectly serves the interests of over 200,000 exporters from every Industry and Services sector in the country. 

  • ISO 9001:2015 certified organisation and ensures delivering uniform and high quality services to its Members and Associates. 

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Global Uncertainties in export UPSC NOTE
Global Uncertainties in export UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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