State targets Rs 1 lakh cr export turnover by 2025

The Odisha Government, which is finalising a new State Export Policy, has targeted to reach the Rs one lakh crore export by 2025.

Published: 21st July 2017 03:15 AM  |   Last Updated: 21st July 2017 09:01 AM   |  A+A-

By Express News Service

BHUBANESWAR:The Odisha Government, which is finalising a new State Export Policy, has targeted to reach the Rs  one lakh crore export by 2025.Additional Chief Secretary, MSME Department LN Gupta on Thursday said the Government is working on a host of enabling factors which would be incorporated in the new policy to provide a major boost to the export turnover of the State.
Addressing a seminar on export finance, Gupta said new Odisha Export Policy would stress on promotion of exports both from traditional and non-traditional sectors. The seminar was jointly organised by Director, Export Promotion and Marketing, Odisha and State Bank of India, Bhubaneswar in collaboration with FIEO Odisha Chapter.

The export turnover of the State, which was a mere Rs 563 crore in 2001-02, jumped to Rs 19,082 crore in 2015-16. In the last financial year, he said, the figure went up to Rs 40,872 crore registering 114 per cent increase. The draft Odisha Export Policy, 2017 prepared through FIEO and currently debated by stakeholders, will be in sync with the Foreign Trade Policy of India 2015-20.
With operationalisation of Inland Container Depots at Jharsuguda and Balasore and testing laboratories and Export Inspection Agency of MPEDA, which are nearing completion, export turnover from the State will get further boost, the Additional Chief Secretary said.

Chief General Manager of SBI, Bhubaneswar Circle BVG Reddy said various finance products offered by the banking giant such as Pre-shipment Credit in Foreign Currency, Export Packing Credit, Export Bill Rediscounting, Foreign Bill Discounting, FCNR (B) Loans are extremely supportive for exporters in particular, and entrepreneurs in general.
He also announced that AGM, SME Manoj Kumar Satpathy has been designated as the single point Nodal Officer to deal with credit related problems of the exporters. The main branches of SBI at Bhubaneswar and Cuttack will provide various credit finance products and services to exporters on priority basis.

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