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Prabhu on fast track; working to speed up exports growth
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SME Times News Bureau | 07 Sep, 2017
The new Commerce Minister, Suresh Prabhu on Wednesday said his ministry is looking at ways to quickly boost India's exports which are currently facing "challenging times", partly on account of the implementation of the Goods and Services Tax (GST) from July.
"Exports to GDP ratio has to rise...so we are at a crash intervention sort of a thing. We are trying to work out what is to be done to promote exports in a shortest possible time which includes issues coming up because of the GST," Prabhu told reporters in New Delhi.
The Minister, who took charge of the Commerce and Industry portfolio after cabinet reshuffle earlier this week, said exporters are facing certain issues in the GST regime, which the ministry is taking up with the concerned authorities.
After rising for 10 months in succession, Indian merchandise exports in July fell 6.84 percent to $21.69 billion compared to $23.28 billion in the corresponding month of 2015. Exports in June at $23.56 billion had grown by 4.39 percent over the same month of 2016.
Exporters have said that the GST regime would block working capital worth over Rs 1.85 lakh crore per year with the government as they now have to pay the tax first and then claim refund under a cumbersome process.
Prabhu also said the ministry is working on the support measures "which can facilitate quick increase in exports both in volume and value."
He said the ministry will work on several fronts, including bringing in a new industrial policy, improving logistics for exporters, an agriculture export policy and integrating into the global supply chains.
"Global supply chains are now become a reality. India is part of that in auto components and generic formulations," he said.
Prabhu also described the current times as "challenging" in view of more countries creating protectionist "walls".
"Protectionist ideas are growing. They are stronger over a period time. So we will follow our trade policy in a manner that we will be able to work through these walls," he said.
The Commerce Ministry is slated to announce the review of the foreign trade policy next month.
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Merchant export
Madhu K.P | Mon Sep 18 05:18:20 2017
Merchant export is facing a challenging time as they need to pay 28% gst in advance and wait for the refund.still no clarity about refund.ie.if one merchant exporter is planning export granite slabs for Rs 1Cr,he need to find another 28 lacks for gst. we are working on thin margin as we are competing with Chinese suppliers,and for making thin profit blocking this much of amount uncertainly,really not good for exports.Pray to your good office to consider the matter mercifully. Previous policy CT 1 bond could 've continue or need to implement a system to procure goods without paying gst for exports.
Prabhu on fast track; working to speed up exports growth
Ranganathan | Wed Sep 13 10:00:53 2017
He has messed up the railways , now railways are becoming very cost affair for Public , now he will SPEED UP(!!!!!)exports ...
Decling export
Vinod Malpani | Wed Sep 13 02:35:17 2017
Dear Sir The decline is not attributed mainly for the reasons system.flaws. The people do not wish to work. The system does not work most of the times. Lot of lethargy is the reason for SLOw export growth. ICE GATE does not work couple of days in a working week. People do not wish to work. There u cannot stop corruption. No on wishes at the Govt level wants to work on the bureceatic problem in India. Why those bottle necks are not arrested. Signing contracts of bolateral trade business sentiments working better is not so important but in house depth and dedication of people at helm of affairs and system requirement is necessary. Thanks govt turns a blind eye to it. No sitarmans or aprabhus will make difference as they are not going to work but the people down the line and burecracy will work. This is the burning issue. Neither the trade sgencies nor trade facilitators wish to talk on this and some adequates measure are taken to make the system viable and working atmosphere may be made strict and some set rul s. Govt jobs in India are taken for granted. They should be liable and all perks being enjoyed for their safety social security and serving nation should be monitored coz it is public money b in used for upliftment of economic condition of the country and not for upliftment of the staff and Members of burecracy.. why no attention is paid to the basic needs and smooth port operations and trade facilitators be bonded with some responsibility targets to boost exports????
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