Apparel exporters demand extension of FMS

Apparel exporters in India have requested the government

to extend the Focus Market Scheme (FMS) for at least six months for exports to the US and Europe. At a meeting held to discuss India’s Foreign Trade Policy (FTP) for 2012-13, to be announced on June 5, several issues were discussed that can help the country to achieve $35 billion (over Rs 19,000 crores) export target by the end of next fiscal year.

The experts present during the meeting were of the opinion that high volatility in the dollar exchange rate was not good for exporters and therefore either the demand side of the dollar should be curtailed or the supply be maintained so that dollar remains within the range.

The exporters suggested that the Rs 2 billion sanctioned by the government for marketing is a very small amount considering the export target of $35 billion for 2012-13. Sharma too agreed that the current global situation was very tough for exports and assured exporters that he will take up the issues, raised during the meeting, with the Finance Ministry to reach a way out.