SME Times News Bureau | 08 Nov, 2019
Exporters' association Federation of Indian Exports
Organisation (FIEO) has welcomed the government’s decision to not join the Regional
Comprehensive Economic Partnership (RCEP).
FIEO welcomes the decision taken by the Government on the RCEP in national
interest, the organisation said in a statement.
FIEO President Sharad Kumar Saraf said that a
vibrant manufacturing holds the key to exports.
Duty free imports from China, which has economy of
scale, and sitting on huge inventory and capacity could have jolted the
manufacturing beyond recovery and thus crippling exports.
However, Saraf pleaded to make manufacturing
competitive by reducing the cost of credit, bringing down logistics cost,
rebating all state taxes and levies and addressing inverted duty structure.
He suggested that the share of
manufacturing in GDP should go up by 1 percentage point every year so that we
increase its share to 25% in the next 10 years.
