Lokesh Parashar
President
2018
I take pleasure to Welcome you to Federation of Buying Agents.
It's India's largest body mandated to get onboard all stake holders working in the field of Service Exports in Indian Sub-Continent.
I remember my early days in the industry when visiting a trade exhibition, one could see some exhibitors taking pride in displaying a banner "Vendor to Buying House". At the same fair, we also saw signs outside a few showrooms saying "Buying Agents not allowed". Unfortunately, the mind gap still exists. There is still a mixed response to business coming from Buying Agents even though the industry facts clearly state that 70% Export business being generated is through Agents/ Liaison offices and likes of the same. I see the need to bridge this gap. I see the need to educate and create a better trust environment which will help create confidence and help the Exporting community to flourish more. The need of the hour is for all stake holders to understand their business partners better. And together work to grow export earnings. Thereby improving the job creation in labor intensive Sectors of India. I will dedicate my time and effort in this direction.
Though the Government of India recognizes the vital role we play in building and growing exports form India. But there is still a need for Buying Agents to establish an identity in the eyes of GOI and creating different category for ourselves rather than being treated as Intermediaries. We at The Federation will work towards carving out a distinct identity for the Buying Agents and the role they play in Exports.
The Current Government has put focus on export earnings to balance Current Account Deficit(CAD). And at the same time the new tax regime has built in tax on Service being Exported by the Buying Agents. A concern that needs to be addressed. The Federation has constituted a team that is in discussion with the GOI and working on ways and means to address the same.
Your Federation has the distinctiveness to be recognized by the GOI and other Agencies. FBA Members have been invited to participate and formulate a strategy on how to counter the fierce competition from other Asian Sourcing Markets. We have been approached by the Government to work in organizing Skill building workshops for the Industry Stakeholders. These workshops will help address the Industry gaps in Exports vis a vis Compliance. Merchandising, Product Designing and creating a tech knowhow to meet the International Standards. We will shortly be starting with an Industry benefit plan under this.
With this I welcome one and all to participate and be part of a colorful fraternity I urge my fellow Buying Agents to come forward with Ideas and Concepts on what they expect their Association to work and how it can help benefit them more. We have an Ideation Team in place which will collectively help put forward your idea and work towards implementing it in benefit of one and all.
Feel free to write in your concerns and your ideas.