It gives me immense pleasure to inform that “Source India 2019” held in Mumbai during 21 -23 August was organized successfully. I would like to thank all those who have been involved in the Event, for their wholehearted support in making it a grand success. Prominent buyers from nearly 40 countries especially from the focus markets of LAC, Africa, South Asia and EU region visited “Source India 2019”.
Around 100 Indian exhibitors had put up their latest range of MMF textile items including fabrics, yarn, Fibre, made-ups, home textiles, embroidered textiles, Technical Textiles, denims, etc. for the discerning international buyers.
“Source India 2019” was inaugurated by Shri P. K. Kataria, Additional Secretary, Ministry of Textiles amidst the presence of past Chairmen, members of the Committee of Administration, senior officials of large and reputed companies, media, trade officials etc.
The Council also invited representatives from 15 leading Buying Houses providing them with the opportunity to meet the leading suppliers in order to source their requirements. Similar to our previous edition, this year too B2B Meetings were held at the exclusively created 'Business Lounge' which helped the participating companies and buyers interact, discuss business and conduct negotiations which culminated in fruitful deals for most of the participating companies.
The venue, Mumbai which is the business hub of the country acted as the catalyst and attracted many visitors. On the basis of the feedback received, it is estimated that business deals worth US$ 200 million th upwards have been discussed and may fructify in the future. In its 4 edition, the Source India has emerged as a popular event for both the Indian buyers and the international buyers. I am happy that the event has become a trend setter and helped many Indian exporters establish themselves in the international market. Source India is now gaining in popularity and I am confident within a couple of years we will be able to establish a very strong franchise of this unique platform created by SRTEPC!
The export front has been a matter of worry to all the concerned and realizing the magnitude of it the Government too has been trying its best to salvage the situation. To take adequate measures the Hon'ble Union Minister of Commerce & Industry, Shri Piyush Goyalji called for a Meeting on 11 September 2019 with all the stakeholders of the export trade; I along with the Executive Director attended the Meeting wherein the Shri Goyalji emphasized the need to ensure secure and vibrant manufacturing in strategic sectors and the necessity to include domestic stakeholders in trade policymaking process, along with policy and institutional coordination amongst stakeholders and the Government. He also stressed the need for having a systematic understanding of trade policy instruments, especially non-tariff measures, to ensure that limited resources are channelized for achieving economic development. I would also like to mention here that the Ministry of Commerce & Industry in consultation with the Ministry of Finance is working out measures to help the exporting community and has announced slew of measures to boost the sagging exports such as Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) to replace MEIS, Fully electronic refund module (FORM GSAT RFD-01) for quick and automated refund of ITC, ECGC to expand the scope of ECIS and . offer higher insurance cover to banks lending working capital for exports, Priority Sector Lending (PSL) norms for Export credit to be examined, Export Finance to be actively monitored by and Inter Ministerial Working Group in Department of Commerce, action plan to reduce Time to export/turnaround time in airports and ports, Enhance awareness of preferential duty benefits among MSMEs, An Online “Origin Management System” for exporters to enable them to obtain Certificates of Origin, etc.
I would also like to inform that the Executive Director and I attended the Board of Trade Meeting in New th Delhi on 12 September 2019 chaired by the Hon'ble Union Minister of Commerce & Industry, Shri Piyush Goyalji. The Ministers of State for Commerce and Industry, Shri Hardeep Singh Puri and Shri Som Parkash, and the CEO, NITI Aayog, Shri Amitabh Kant were also present at the Meeting. Shri Goyalji said that although total exports of India have crossed half trillion-dollar mark at US$ 537 billion in 2018-19, goods exports are at an all-time high of US$ 331 billion and services exports stand at a record USD 205 billion but India will have to achieve one trillion USD of exports in the next five years. For this, he said that we need to increase domestic production and improve our competitiveness.
As you are aware, Export Promotion Programme is the mainstay activity of the Council which to a certain extent has been responsible in projecting India and its capabilities in the international market particularly for MMF textiles. The Council recently organized successful participation of sixteen of its member companies in GOTEX Fair, Brazil. I would like to take this opportunity to thank H. E. Mr. Amit Kumar Mishra, the Consul General of India to Brazil for inaugurating the 'India Pavilion' at the Fair. I would also like to thank Shri Digvijay Nath, Consul (Commerce) and the ofcials & staff of the Consulate General of India in Sao Paulo for their patronage. Their support and assistance went a long way in making our participation a success. As per the advanced feedback received from participating companies it was reported that on-the-spot orders were booked to the tune of US$ 3 million and negotiations are underway for estimated business deals of US$12 million.
I once request all the members who have not yet renewed their membership for the year 2019-20 to do so immediately to enable them receive our extensive services uninterruptedly.