Role of FIEO in Indian Export Businesses.

India’s target is to turn an economy worth ₹ 350 trillion by 2025. To achieve this objective, the country must insure a 200% gain in the value of its exports to ₹ 13 billion by that period. The Indian government will have to play a crucial role in facilitating the growth of its export community to hit that target. To aid Indian export businesses in expanding overseas, India has formerly established associations and entities within the government to spur India’s export sector. One similar organization is the Federation of Indian Export Organisations( FIEO). This article will shed light on the part of FIEO in helping Indian businesses deal with their products and services overseas.

What's the FIEO?

The Federation of Indian Export Organisations( FIEO) is the leading association among the export development authorities, commodity boards, and export promotion councils honored by the Government of India. The Ministry of Commerce established this organization in 1965 to bring together the stakeholders looking to promote Indian exports. The FIEO is a liaison between Indian trading companies and state and national governments. The association also functions as an interface between Indian exporters and road transport, ports, railways, and fiscal institutions, among other entities. Approximately two lakh exporters in the country across the services and industrial sectors will profit from FIEO’s work as of 2021. The body is also ISO 9001:2015- certified and has,33570 members as of 2021.

Role of FIEO in the Indian Export Sector

FIEO plays a significant role in mentoring and supporting the Indian export sector. It ranges from basics like setting up online stores to collaborations with Indian and foreign governments. Let's look at them in detail

Guides and Connects Exporters with Governments

• The FIEO helps Indian exporters when they face roadblocks by bringing similar issues to the attention of the authorities in question in India and across the world.

• The organization functions as a source of precious guidance to Indian exporters, as FIEO experts are available online for advice on policy and foreign trade.

Provides Resources

• The FIEO runs a website,www.fieo.org, where exporters get access to trade upgrading companies that have worldwide reach, business opportunities across the globe, and the rearmost variations in trade policy and publications.

• In addition to a website, FIEO owns and runs a mobile app called ‘ Niryat Mitra ’ that offers diurnal reporting on tariffs, forex markets, import/ export policy updates, and new business chances. The app also provides access to FIEO’s publications, events, and all data mentioned above specified on the website.

• The association allows exporters to put up a company profile, logo, and product images on the FIEO website.

• FIEO offers exporters the platform to establish an online store at no cost. The organization is Enterprise Europe Network’s partner on behalf of India and helps MSMEs go foreign.

Takes Industry Feedback for Policy Changes

• The FIEO arranges and organizes meetings with policymakers to bring trade issues to the government's notice for a quick resolution.

• The association plays a crucial part in shaping trade policy by fielding individuals associated with FIEO in the state- and-central government task forces and panels.

• FIEO owns and operates www.indiantradeportal.in at the behest of the Indian government. This website provides information on tariffs in 87 foreign markets, data on India’s stake in the imports of these countries, advice on India’s import/ export policy in these markets, taxation specifics, duty downsides, and domestic schemes to incentivize exports. This service is supplied up to the minute for no cost over email and SMS as well.

Recognizes and Motivates Export Businesses

• The association recognizes top export facilitators and export houses with awards regularly.

• The association facilitates incoming- and- gregarious business delegations and organizes catalog shows and exhibitions. FIEO also signs MoUs with its counterparts from other countries.

Updates and Other Training

• FIEO publishes monthly and weekly bulletins available online that cover policy, banking, business openings, taxation, and WTO, among other topics. The bulletins also publish requests and offer for technology and business, in addition to cooperation openings in exploration and development. The bulletins boast global readership among exporters, importers, policymakers, commercial agencies, chambers of industry, and commerce and profitable agencies. The website is equipped with a directory of export companies that are kept updated and can be accessed via a search tool.

• The association collaborates with Indian academic bodies to develop the needful human resources that meet the need of the foreign trade sector.

• FIEO spurs entrepreneurship in foreign trade through manufactories, training programs, and forums.

Recruitment 

 

FIEO posts job vacancies, allows students and professionals to upload resumes, and offers members access to the said resumes for reclamation, all on the website.   

India in Global Trade 

 

• India possesses little stake in global exports at 1.61 as of 2020 and stands in the 20th position in the world among export capitals. In the five times to 2020- 21, the country witnessed a CAGR of 0.60 in significance and 1.36 in exports. In the time 2020- 21, the nation’s significance was valued at $393.61 billion, and its exports were valued at $291.16 billion, with the performing trade deficiency at $102.45 billion. Over the said five-time period, the trade deficiency witnessed a periodic compression of 36. 

• India's best top export markets in 2020- 21 were the USA, China, UAE, Hong Kong, Bangladesh, Singapore, UK, Germany, Nepal, and the Netherlands. These markets accounted for 50.48 of India’s exports during the time. The nation recorded a decline and rejection in export growth in all markets but for Bangladesh and China. 

• By region, North America accounted for 19.81 of India’s exports with a value of $57.67 billion in2020.21, North East Asia accounted for 14.47 with a value of $42.12 billion, the EU reckoned 14.21 with a value of $41.36 billion, ASEAN reckoned for 10.81 with a value of $31.49 billion and West Asia – GCC reckoned for 9.54 with a value of $27.77 billion. These regions accounted for 68.83 of the nation’s exports during the time, passing a decline in exports in these regions but for North East Asia.

Benefits of the Federation of Indian Export 

Organization Membership 

 

• Certificate of Origin( CO) The FIEO issues a CO for a member and recommendation letters for visas to support trips abroad. 

• Registration- Cum- Membership Certificate( RCMC) The association issues an RCMC to allow status- and non-status holders to profit from India’s policy on foreign trade. 

• Market Access Initiative( MAI) Scheme Grant The FIEO issues finances under the MAI scheme to authorized members participating in foreign trade fairs and exhibitions. The members are also a part of delegations and are suitable to promote their offerings at cells at these events, albeit at a subsidized cost. The FIEO is combined with over 50 illustrious exhibitions across the globe. 

• Other benefits include access to FIEO- organized business-to-business ( B2B) meetings, hosting the company product line on the FIEO website, and a place on the FIEO hunt machine for promotion.

Conclusion

The FIEO is a well-run association that looks to bring about the best in India’s export sector. The periodic membership is precious as the services the association offers to the Indian export sector aid exporters to run a better business and expand worldwide. So businesses interested in exporting their products need not worry about how they will get things done. They go to the website or download the app, and use it to get started. FIEO’s resources will help them stay updated on any changes as they are.

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