Contact Your Financial Adviser Money Making MC
26
October 2018
 |
Incentives for exporters (The Total Investment & Insurance
Solutions)
The Commerce Ministry is working on a
comprehensive strategy and considering incentives for exporters with a view to
boost the country's outbound shipments, a senior government official said on
Friday.
Director General of Foreign Trade (DGFT) Alok
Chaturvedi said that the exports, which recorded about 10 per cent growth in
2017-18 to over USD 300 billion, is expected to reach USD 330-340 billion this
fiscal.
In the first half of the current fiscal, the
exports grew by 12.5 per cent to USD 164 billion. The Total Investment & Insurance Solutions
He
said the ministry has prepared a matrix of action plans for specific sectors,
including engineering, gems and jewellery, chemicals, textiles and pharma, and
issues pertaining to these areas are being taken up with the concerned
departments.
There are some cross-cutting issues such as
withdrawal of amendment in the CGST rules, which is being partially resolved.
"We are thinking of having some kind of
incentives, where exporters are at disadvantage with respect to our competing
countries where they are having some kind of free trade agreement with common
export markets.The Total Investment
& Insurance Solutions
"So, we are trying to finalise a scheme,
you can provide incentive to partially compensate for that disadvantage, which
our exporters are facing," the DGFT said here at CII's Export Summit. The Total Investment & Insurance
Solutions
The ministry is also working on tax rebates,
duties and embedded taxes, besides alternative payment mechanism in potential
problem countries such as Venezuela, Sudan, Cuba and CIS nations.
He said that it is the right of exporters to
get rebate on those levies as "those duties and taxes should not be
exported. We are working on a pilot scheme".
Further, the DGFT said soon the IT system for
exporters will be revamped completely and the ministry will float tenders for
the same. Speaking at the summit, Commerce and Industry Minister Suresh Prabhu
asked the industry to become more aggressive in exploring export opportunities
in new markets such as Africa andLatin 10/26/2018 Commerce Ministry considering
incentives for exporters.The Total
Investment & Insurance Solutions
He said the action plan prepared by the
ministry to boost exports will be released soon. The Total Investment & Insurance Solutions
"There are huge opportunities for exports
in SAARC and ASEAN countries," Prabhu said, adding India is working with
the US to resolve all the pending issues to boost bilateral trade. The Total Investment & Insurance
Solutions
"The US is raising issues related to
data localisation, issues related to duty imposed by Indian on IT products. We
are engaged with the discussion (with them)," he added. The Total Investment & Insurance
Solutions
Since 2011-12, India's exports have been
hovering at around USD 300 billion.
During
2017-18, the shipments grew by about 10 per cent to USD 303 billion. Promoting
exports helps a country to create jobs, boost manufacturing and earn more
foreign exchange. The Total Investment
& Insurance Solutions
No comments:
Post a Comment