: FIEO sets bn exports target for Bengal by 2030 #finance #StockMarketNEWS #Business Kolkata: The Federation of Indian Export Organisations Wednesday said it will work closely with West Bengal government

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FIEO sets bn exports target for Bengal by 2030 #finance #StockMarketNEWS #Business
Kolkata: The Federation of Indian Export Organisations Wednesday said it will work closely with West Bengal government for three-fold growth in the state’s exports to billion.

The apex body of Indian export promotion organisations will also engage itself in preparing product-specific market metrics to help boost exports from the state, a top official said.

In the short term there are some challenges in exports from Bengal due to economic issues in the key neighbouring countries like Bangladesh and Nepal which are restricting the growth of exports from the state, FIEO director general & CEO Ajai Sahai said.

FIEO has already signed an MoU with Madhya Pradesh and Uttar Pradesh for facilitating and enhancing their export markets.

“Exports from West Bengal were .9 billion in 2021-22. Exports from the state will have to grow at a CAGR of 17% to achieve billion by 2030. Though challenging, it can be achieved with proper strategy,�? he said.

FIEO’s product market metrics report, which will be a product-wise and market-wise analysis, will help the state to take the necessary measures to attain the high growth trajectory, he said.

It will also help policymakers and exporters to work on and take corrective measures to overcome any shortcomings and ramp up shipments.

“West Bengal’s share in the country’s exports is currently about 3%. With its potential the state should endeavour to increase its exports to 5% by 2030,�? he said.

Bangladesh and Nepal, which neighbour Bengal, traditionally account for around 27% of Bengal’s total exports. But their forex shortages and inflationary pressures restrict these countries to import, he said.

“In April-August 2022 of the current fiscal, total exports from the state were .83 billion. Of this 2 million was to Bangladesh and 0 million to Nepal,�? Sahai said.

The body is organising export-oriented knowledge-based skill development training programmes and workshops in the country under Market Access Initiative Schemes for 2022-23.

Its office here has proposed to arrange such training programs physically in 18 districts of Bengal. Such programmes have already been conducted in Purba Burdwan and Murshidabad, FIEO regional chairman (East) Yogesh Gupta said.

Identification of niche products in the tea and jute sectors, the two which traditionally have good export potential, can help existing exporters or new entrepreneurs. Others like leather, handicraft and marine products and chemicals can also help boost exports from West Bengal, the officials said.