New govt has to address issues related to infrastructure bottlenecks: FIEO

The Federation of Indian Export Organisations (FIEO) said Friday the new government has to address issues related to infrastructure bottlenecks for enhancing the competitiveness of India's exports. FIEO President Ganesh Kumar Gupta said the government has already taken steps like the implementation of Goods and Services Tax (GST) and improving the business climate to promote trade.

"In order to further give a boost to the economy, the government has asked the ministries to prepare a list of issues that they will take up in the first 100 days in office, with a focus on efficiency, delivery systems, implementation and resolving of all pending issues urgently," he said in a statement. The country's exports grew by 9 per cent to USD 331 billion in 2018-19. However, going forward things are not looking good at trade front on account of rising protectionism and trade war between the US and China.

The World Trade Organisation (WTO) has said the global trade will continue to face strong headwinds this year and in 2020 after growing slowly-than-expected in 2018 due to rising trade tensions and increased economic uncertainty. Meanwhile, Trade Promotion Council of India (TPCI) said the exports from India is facing challenges owing to multiple global geopolitical and economic developments. "Piyush Goyal's (the new commerce minister) experience and his knowledge of finance will help India tied over the challenges in a seamless manner," TPCI Chairman Mohit Singa said.