Exports can help offset economic slowdown, says CII panel
Ahead of the Union Commerce and Industries Minister’s meeting with exporters and importers on September 11 to discuss trade policy instruments, exporters have flagged certain concerns, saying the government should help build large capacity for exports instead of announcing measures only for the MSME sector.
“[The] slump / slowdown in domestic manufacturing could be offset by fast-tracking exports… as trade windows open due to trade tensions between the U.S. and China, [they] provide an opportunity for Indian exports to the U.S. market” said Sanjay Budhia chairman, CII national committee on exports and imports.
He said that the exporters were at the mercy of foreign shipping lines in the absence of a national shipping line. A national shipping regulatory body should also be formed to determine freight rates.
He called for remedial measures to protect the huge employment and investments made in SEZs where many units were finding it difficult to carry on their businesses due to some mid-term policy changes. He suggested the government give a one time I-T exemption.
Pointing out that engineering exports accounted for 25% of Indian shipments. Mr. Budhia said that steel be provided to them at competitive rates being offered to international buyers by the steel mills. He hoped the Centre would take ease-of-doing business measures for exporters on issues such as myriad taxes and duties (like electricity duty, taxes and duties on petroleum products) that had no refund mechanism under the GST.
Source: The Hindu