Exporters to benefit from new DGFT order
Updated: Jun 11, 2013 01:29:32pm
New Delhi, Jun 11 (KNN) Exporters who import against payment in freely convertible currency from Iran will now be allowed to export their goods provided they have done a value addition of 15 per cent, said Directorate General of Foreign Trade (DGFT) today.
The government has accordingly amended the Foreign Trade Policy 2009-14 to include Iran.
India has huge potential for exports to Iran in the sphere of air or gas compressor, air conditioning machines, refrigerators, printing type, blocks, plates and other printing components and lathes for removing metal.
India recorded a trade deficit of Rs 967.20 billion in April of 2013. The new move to include Iran will promote exports and is expected to reduce the imbalance in foreign trade.
Reacting to the DGFT decision Federation of Indian Export Organisations, President, M Rafeeque Ahmed has said the move will benefit Indian exports and country can look forward for sizable growth in exports to Iran in the current fiscal.
However, President, FIEO suggested that government should put a cap on such exports so that the basic idea of promoting manufactured exports from the country remain in focus and the new provision is tested on a limited scale.
With the new provision being put into place, we can look forward for exports close to USD 6 billion in 2013-14 added Ahmed. (KNN)
The government has accordingly amended the Foreign Trade Policy 2009-14 to include Iran.
India has huge potential for exports to Iran in the sphere of air or gas compressor, air conditioning machines, refrigerators, printing type, blocks, plates and other printing components and lathes for removing metal.
India recorded a trade deficit of Rs 967.20 billion in April of 2013. The new move to include Iran will promote exports and is expected to reduce the imbalance in foreign trade.
Reacting to the DGFT decision Federation of Indian Export Organisations, President, M Rafeeque Ahmed has said the move will benefit Indian exports and country can look forward for sizable growth in exports to Iran in the current fiscal.
However, President, FIEO suggested that government should put a cap on such exports so that the basic idea of promoting manufactured exports from the country remain in focus and the new provision is tested on a limited scale.
With the new provision being put into place, we can look forward for exports close to USD 6 billion in 2013-14 added Ahmed. (KNN)
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