Business Survival in pandemic discussed with Hewa by Narvijay Yadav Sr.Journalist
Q1. What kind of business is Export and Import?
A1Anant Srivastava @anantskier.: Any activity that gives profit by selling goods and services to consumers across the country is called export and import business. One who exports the goods (seller) from one country to another is called an exporter and at the same time who imports the goods (buyer) in their country from the rest of the world is called an Importer. In simple terms seller to a foreign country is called an exporter and the buyer buying from overseas is called an importer in respective to their countries. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
A1.VIKAS SINGH CHAUHAN @vikassinghskier: Selling goods (Having Comparative advantage) to Foreign market is Export and bringing goods from rest of the world for the same reason is Import. Total World Export in 2019 was 22 Trillion $, Import was 18$ Trillion approx. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
Q2. What differentiates domestic and international markets?
A2Anant Srivastava @anantskier.: The domestic market is the place where one can sell goods in local currency as per the local taxation imposed by the local tax authorities. Whereas International Market is the place across the national borders where one can sell and buy the goods(with Zero Rated Taxation) in international currencies which mean no local tax imposed by the authorities even if any embedded tax is involved in that then Government refunds the taxes in the form of the different scheme to the exporter to make Goods Competitive in the international market like in India we have Duty Drawback Scheme, RoDTEP Scheme, etc. After GST, Indian Exporter is getting a full GST Refund automatic#BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
A2.VIKAS SINGH CHAUHAN @vikassinghskier: Domestic: In Simple Terms, If we sell d goods in Indian Market it's Domestic, If we sell overseas it's International Market. Advantage of Overseas selling: It's tax-free, Whereas If we sell goods here taxes are applicable like GST#BAC76 #exim #exports #import #business
Q3. Who is an exporter or importer in real terms?
A3.Anant Srivastava @anantskier.: In Real terms, Exporter should know all about International Terms and Conditions of Trade before starting/ Executing International Export and Import Business to get success in Trade. One who exports the goods (seller) from one country to another is called an exporter and at the same time who imports the goods (buyer) in their country from the rest of the world is called an Importer. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
A3.VIKAS SINGH CHAUHAN @vikassinghskier: Comparative Advantage is the sole of the Export/ Import business. Be it quality, Price, Availability. In Simple Terms, the Exporter sells the goods to Foreign Country knowing the need and demand of overseas buyers and vice versa for the Importer.#BAC76 #exim #exports
Q4. How do you see Exim Business during pandemic?
A4.Anant Srivastava @anantskier.: Business needs conducive healthy environment to flourish, availability of raw material as reasonable rates. But in the pandemic situation all people including buyer, seller, consumer are panicked and government of respective countries are only concerned to safeguard the life of masses Relationships, Families, Love, Trust, Hope, Faith, Patience And Determination are important tools for all the business activity to flourish. No people no business. If all above mentioned circumstances are favorable, then business will win over the pandemic and achieve the targeted goal shortly. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
A4.VIKAS SINGH CHAUHAN @vikassinghskier: #DigitalMarketing is the soul of #Exim during Pandemic. Those who are able to Digitally Transform have grown much faster in this tough time.Indian export is all-time high & set to touch a Record target of $400 Billion in 2021-22 (thanks 2 Govts' Digital promotion) #BAC76
Q5. What tools can be used for survival in the market during pandemic?
A5.Anant Srivastava @anantskier.: During pandemic digital platform is the best tool to survival in the market as we saw how pandemic played with us only social distancing is the way to move forward so Digitization is adapted in every sphere of life today, from social networking to business promotion. For exporters, the process is further simplified through Digitization. The entire process is now digital paperless work, which is easier for buyers as well as suppliers. A click of a button gets confirmation, approvals for samples, order quality checking, document processing, payment process, etc. The entire supply chain, from collection of raw materials to delivery and reaching the customer warehouse, is digitalized. The entire supply chain can be checked and measured. Digitalization makes the process fast, smooth and transparent. The economy is moving from the Industrial Revolution to Globalization to Industry 4.0, i.e., Digitalization. It is a new revolution for industry development. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs
A5.VIKAS SINGH CHAUHAN @vikassinghskier: When International Flights are closed, Trade fairs are getting cancelled, the only way to get new buyers, survive in the market is to transform ourselves into E-Mode, Digital marketing is the "success mantra" in this Pandemic.#BAC76 #exim #exports #import #business
Q6. How Govt policies are helpful for the domestic business?
A6.Anant Srivastava @anantskier.: Govt has started many schemes to support Domestic business, Be it PLI Scheme, ODOP Scheme, Cheaper Loans to MSME sector, Other than this in textile sector Govt is coming up with 7 Mega Textile parks. The next decade belongs to India, the whole world wants to buy from us, We appeal to our youth instead of Job seeker, be Job providers as present Global atmosphere is in favour of our country. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
A6.VIKAS SINGH CHAUHAN @vikassinghskier: Govt is supporting SMEs by giving cheaper loans ( #InterestEqualisationScheme), #Startup funds, #MudraYogna hassle-free registration of the new company. In the Export sector, Govt has started many schemes. #BAC76 #exim #exports #import #business
Q7. Is the GST hike from 5% to 12% for Cotton Textile sector helpful?
A7.Anant Srivastava @anantskier.: The enhancement in GST from 5 % to 12 % will increase the rates of consumable cotton goods as the producer will transfer the additional burden of 7% GST on the end consumer. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs.
A7.VIKAS SINGH CHAUHAN @vikassinghskier: For Manmadefibre Industry it will address the issue of Inverted Duty structure (Before it was uneven like 5,12,18% ) For Cotton Sector, it will increase d cost of d product by 7% (5 to 12%) We appeal Govt to rethink GST hike on Cotton. #BAC76 #exim #exports #import #business
Q8. What trends do you forsee for the Exim industry in 2022?
A8.Anant Srivastava @anantskier.: data of Exports are very encouraging with the growth of 51%, We are very hopeful that Indian Export sector will touch the Golden Target of Hon'ble PM Modi i.e 400$ Billion in 2021-22#BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs As per latest government Nov2021
A8.VIKAS SINGH CHAUHAN @vikassinghskier: Post-Pandemic,Global buyers are working on China+1 Policy, dey r looking towards India with hope as Trends have shifted from "Cheap goods to Ethical goods".2022 seems encouraging 4India, 21-22 India is gng to touch 400$ B target. #BAC76 #exim #exports #import #business
Q9. What is HEWA and how its helping the Exim business owners?
A9.Anant Srivastava @anantskier.: HomeTextile Exporters Welfare Association is Non-Profit Association registered under section 8 (1) of the Companies Act, 2013.Home Textile Exporters’ Welfare Association (HEWA) is continuously working for safeguarding the interests of Small and Medium Exporters in Textile sector. HEWA seeks to promote the interests of its members and all Indian Home Textile exporters, with a particular focus on trade promotions, training, guidance and awareness of International business to member Exporters. The prime object of HEWA is to provide all support and guidance to the Indian Home Textile Exporters specially small and medium Exporters. #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs
Q10. Any tips for the small or new Exim players?
A.10: Make short term strategy to fulfill the long term goal. 2 Start exim trade with small and small quantity and take advance 30 to 40 % and rest before deliver the goods. Make sure your money is your business! #BAC76 #BusinessTwitter #DGFT #MakeinIndia #MSMEs .
A10.VIKAS SINGH CHAUHAN @vikassinghskier: We all know that the Global atmosphere is very volatile especially due to Covid-19. The best advice to our newcomers is to start Exim trade after full research on Macro/ Micro levels. Don't trust anyone blindly, Must secure payment by taking Insurance #BAC76 #exim #exports