FM for proactive approach to boost exports
Updated: Nov 25, 2013 04:39:39pm
Chennai, Nov 25 (KNN) There is need for proactive and positive approach of the Government agencies for reducing transaction time and cost, Finance Minister, P Chidambaram has said while assuring exporters that the newly developed 'Risk Management System' on exports would reduce dwell time as 70 per cent of the cargo will be cleared without physical examination.
According to a FIEO press release quoting Chidambaram, “He admitted the need for proactive and positive approach of the Government agencies for reducing transaction time and cost.”
He was speaking at a function organized by Federation of Indian Export Organisations (FIEO) here on Saturday.
Responding to the request of exporters for expansion of export promotional schemes, Finance Minister said that higher budget allocations will be made for such schemes of DGFT in the next Budget.
Exports alone would provide effective solution to manage trade deficit as too much compression in import is neither possible nor desirable, Chidambaram said.
“Exports will also help in reducing CAD as well as capital flows will be difficult to attract in view of low global growth,” he said.
Domestic savings and exports are two pillars of Indian economy which have performed well even in difficult situations, he added.
Earlier, President of FIEO, Rafeeque Ahmed assured that exports growth will continue in balance months of the fiscal and current account deficit would be brought within USD 50-60 billion.
However, he suggested the creation of an Export Development Fund, Grant of Duty Drawback at the Let Export Order stage to facilitate drawback, bringing exports under priority sector lending to augment the flow and support manufacturing to sustain exports.
Anup Pujari from DGFT has asked the exporters to think out of the box and suggest measures for the new Foreign Trade Policy 2014-19. He suggested that new policy should look at reducing the number of schemes and exploring the possibility of granting export benefit based on incremental exports so as to judge the efficacy of the scheme. (KNN/SD)
According to a FIEO press release quoting Chidambaram, “He admitted the need for proactive and positive approach of the Government agencies for reducing transaction time and cost.”
He was speaking at a function organized by Federation of Indian Export Organisations (FIEO) here on Saturday.
Responding to the request of exporters for expansion of export promotional schemes, Finance Minister said that higher budget allocations will be made for such schemes of DGFT in the next Budget.
Exports alone would provide effective solution to manage trade deficit as too much compression in import is neither possible nor desirable, Chidambaram said.
“Exports will also help in reducing CAD as well as capital flows will be difficult to attract in view of low global growth,” he said.
Domestic savings and exports are two pillars of Indian economy which have performed well even in difficult situations, he added.
Earlier, President of FIEO, Rafeeque Ahmed assured that exports growth will continue in balance months of the fiscal and current account deficit would be brought within USD 50-60 billion.
However, he suggested the creation of an Export Development Fund, Grant of Duty Drawback at the Let Export Order stage to facilitate drawback, bringing exports under priority sector lending to augment the flow and support manufacturing to sustain exports.
Anup Pujari from DGFT has asked the exporters to think out of the box and suggest measures for the new Foreign Trade Policy 2014-19. He suggested that new policy should look at reducing the number of schemes and exploring the possibility of granting export benefit based on incremental exports so as to judge the efficacy of the scheme. (KNN/SD)
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