Surat, known for its bustling textile market, holds untapped export potential, claims Navlesh Goyal, the Director of the newly constitued FOSTTA and representing New Bombay Market in Umarwada. In a recent statement, Goyal highlighted that despite the inherent possibilities, the export scene in Surat remains below par due to the government's indifferent approach.
The city's exporters face considerable challenges in receiving payments from foreign clients, prompting several to pivot towards other industries. This issue stands in stark contrast to Chinese exporters who, under their government's policies, rarely face payment default. Goyal points out another critical issue: traders' hesitance in accepting goods under bank guarantees, heightening the risk of financial losses.
Another setback to the export industry has been the discontinuation of governmental incentives like duty drawback and refunds. Such policies have played a role in the stagnation of Surat's export potential.
While Goyal's leadership of the New Bombay Market since 2014 has witnessed commendable infrastructural improvements, including fire safety measures and better parking facilities, broader systemic issues persist. One of the pressing problems remains the contentious issue of possession receipts, with land disputes involving the Parsi Panchayat casting a shadow over the market.
A native of Pilani, Rajasthan, Goyal transitioned from his educational pursuits in Jaipur to playing an influential role in Surat's textile industry. Throughout his career, Goyal has navigated various business challenges, from sinking payments in exports around 2015 to transitioning businesses post the Corona crisis. His current venture, Labina Creation Private Limited, operates in the New Bombay market, focusing on garment fabrics.
Goyal's dedication towards resolving the challenges in Surat's textile market is evident. As he continues his leadership journey, many hope that his advocacy will pave the way for stronger export policies and robust financial safeguards, allowing Surat to harness its true potential in the global market.
