CII suggests govt to set up shipping regulator to check freight and power costs

New Delhi, Oct 21 (KNN) CII on Thursday suggested the government to setup a shipping regulator and consider lowering down freight and power costs for exporters to promote outbound shipments.

CII National Committee on EXIM Chairman and Patton Group’s MD Sanjay Budhia also asked for fast-tracking establishment of an export promotion body.

Speaking at the CII’s national exports summit, Budhia said “There is a need to do an internal export promotion and marketing exercise to get more businesses on the export markets.”

“Can we consider lower freight and power costs for exporters? It is not required to have subsidies but calibrated rates so that exporters are not cross subsidising other consumers. In this regard, including electricity costs under GST could be a way out to lower tax incidence,” he said.

“States should be encouraged to work on industrial park infrastructure, connectivity modes and faster clearances,” he added.

 Budhia further elaborated that last year Indian exporters faced huge issues due to shortage of containers and high freights charges. With situation stable now, we should have our own shipping regulator and shipping line, which can protect Indian exporters during such turbulent times.  (KNN Bureau)