|
|
|
Industry calls for FTP, export finance expansion
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 11 Aug, 2020
The Confederation of Indian Industry has come up with a 10-point agenda
for growth of India's exports, wherein it has sought implementation of a
Foreign Trade Policy at the earliest and expansion of export finance.
The
report, titled 'Re-orienting India's Export Endeavour in the Covid-19
World', says that India must aim to achieve 5 per cent share in world
merchandise exports and 7 per cent in services exports by 2025, a CII
statement said.
"The Foreign Trade Policy should be brought out
at the earliest to establish a stable and predictable export policy
regime," it said.
Seeking expansion of export finance, the
industry body said that the Interest Equalisation Scheme should be
extended for another two years for all exporters, including the non-MSME
sector. It called for fast-tracking GST refunds which hold up working
capital and said that cesses should be removed.
It also said that
an open and facilitative import environment is required to attract
global companies and ensure competitive access to intermediate goods. In
general, higher duties on finished goods and lower duties on
intermediates should be applied, the statement added.
"The
pandemic situation has impacted world trade negatively. However, it also
provides a big opportunity for India to better engage with the world
and boost its export performance. This is an opportune time for India to
strengthen its domestic manufacturing through a strong partnership
between the government and industry," CII Director General Chandrajit
Banerjee said.
"As more and more countries are looking at
realigning their trading strategies and diversifying their import
sources post the Covid-19 outbreak, India must leverage the present
situation to emerge as an alternative destination for sourcing
cost-effective, quality products," he added.
He was of the view that a key point in India's export strategy must be to strengthen its participation in global value chains.
As
per the report, the capacities of the Export Import Bank and the Export
Credit Guarantee Corporation need to be strengthened to raise resources
and lower risks.
Trade facilitation can be strengthened through
digital tools for faster movement of goods at the border. It recommended
reducing physical examination of goods, widening the 'Authorised
Economy Operator' programme, and ensuring 'Direct Port Delivery' system.
It
also suggested that the Trade Infrastructure for Export Scheme (TIES)
must be extended and included under the National Infrastructure
Pipeline. In the medium term, it is essential to draw up a comprehensive
strategy for hinterland connectivity, the CII said among other
suggestions.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|