Exporters must explore newer markets: Naidu

Chennai: Vice President M Venkaiah Naidu on Monday urged the exporters to look at newer markets to increase their exports.

He also said the ambitious project of ‘District Export Hub’ announced by the Government of India in 2019 is expected to boost exports.

“Most of the 775 districts across the country are having the potential of becoming export hubs. I am told that GI (Geographical Indication) products are being given a fillip in this endeavour,” Naidu said at a function to distribute Export Excellence Awards for units located inside the MEPZ Special Economic Zone (SEZ).

Congratulating the various award winners, Naidu said the country’s exports have grown manifold in recent years.

“There was a record achievement of 418 billion US dollars of merchandise exports in the just-concluded 2021-22 financial year. Services exports were about 250 billion US dollars. Together, they make up to 670 billion US dollars, a remarkable achievement in spite of the pandemic,” he said.

The Vice President said the SEZs contribute about 28 per cent of India’s export basket. SEZs along with Export Oriented Units (EOUs) contribute about one-third of the country’s exports.

Naidu said the economic landscape of Tamil Nadu will change on the completion of the Chennai-Bangalore Industrial Corridor Project and the Chennai-Kanniyakumari Industrial Corridor Project and give a huge thrust to exports.

Knitwear exporters seek resuming rupee-rouble trade with Russia

COIMBATORE: The knitwear exporters in Tirupur have sought the intervention of Finance Minister Nirmala Sitharaman and Union Textile and Commerce Minister Piyush Goyal to immediately commence rupee-rouble trade mechanism with Russia to receive back their export proceeds.

Tirupur knitwear exporters doing business with Russia have not received the payment in euro/USD currency for exported knitwear garments due to the sanctions imposed by US and Western countries, further to exclusion of Russian Banks from the SWIFT Platform, said Raja M Shanmugham, president of Tiruppur Exporters Association (TEA).

Pointing out that MSMEs are facing operational difficulties and sustenance in business, Shanmugham said though buyers are willing to make payment, they couldn’t.