More on Covid-19

AHMEDABAD: With cancellation of over 50% of orders and gloomy forecast for the future, India’s export sector may witness 15 million job losses and rise in non-performing assets (NPAs) among exporting units, said Federation of Indian Export Organisations (FIEO).Stating that exporters are left with very few orders, FIEO president Sharad Kumar Saraf, said, “If factories are not allowed to operate with a minimum workforce to execute them (orders) timely, many will suffer irreparable losses bringing them to the brink of closure.”The exporters’ body on Friday also sought immediate announcement of a relief package for exports sector. FIEO has asked the government to allow exports related manufacturing immediately with minimum workforce and adhering to safety, sanitization and social distancing norms.Apart from Covid consequent interest-free working capital term loan to exporters to cover the cost of wages, rental and utilities, the organization has also sought EPF and ESIC waiver for 3 months from March to May, 2020.The organization’s other suggestions include extension of pre and post shipment credit by 90-180 days on their maturity, rollover of forward cover without interest and penalty, automatic enhancement of limit by 25% to address liquidity challenges and extension of interest equalization benefits.