Continuous decline in exports since past 12 Months; FIEO urges govt for immediate intervention
Updated: Dec 16, 2015 11:57:08am
New Delhi, Dec 16 (KNN) The continuous decline in exports for the last 12 months is much worse that the decline on exports during global slowdown of 2008-09, said exporters apex body FIEO urging the government for immediate announcement of sops for the exporters.
S C Ralhan, President, Federation of Indian Export Organisations (FIEO) said that November, 2015 trade data which has further worsened to 20.01 billion dollars with a decline of 24.43 percent has been rather the highest decline in the past couple of years.
Ralhan said that looking at the current trend we expect to end the year with a export figure of somewhere in between 260-270 billion dollars.
Recent past particularly last few days have also seen further decline in global crude oil prices which is also expected to have further negative impact on India’s exports.
Talking about the top major commodities traded, positive performance has been shown by only 7 items out of 30 product groups in November, 2015 as against 9 out of 30 product groups in October, 2015.
The exporters’ body urged the government for immediate announcement of revision in Duty Drawback rate for engineering sector looking into the duty revision on certain major inputs including the safeguard duty.
The industry body has also called for immediate refund of taxes and duties such as Excise, CENVAT, Drawback, Service tax and VAT is required to further give a boost to exports.
FIEO has also urged the government for immediate redressal of issues related to inverted duty structures which make India a trading destination rather than a manufacturing hub, proportional increase in all industry rates of service tax, exemption of exports from the purview of service tax particularly for services such as ECGC premium, Services rendered at Container Freight Stations, Clearing House Agent Charges, Terminal Handling Charges and Bank Charges on collection of bills apart from rates being charged by CONCOR which are too high are some of the major issues which can be immediately looked into. (KNN Bureau)
S C Ralhan, President, Federation of Indian Export Organisations (FIEO) said that November, 2015 trade data which has further worsened to 20.01 billion dollars with a decline of 24.43 percent has been rather the highest decline in the past couple of years.
Ralhan said that looking at the current trend we expect to end the year with a export figure of somewhere in between 260-270 billion dollars.
Recent past particularly last few days have also seen further decline in global crude oil prices which is also expected to have further negative impact on India’s exports.
Talking about the top major commodities traded, positive performance has been shown by only 7 items out of 30 product groups in November, 2015 as against 9 out of 30 product groups in October, 2015.
The exporters’ body urged the government for immediate announcement of revision in Duty Drawback rate for engineering sector looking into the duty revision on certain major inputs including the safeguard duty.
The industry body has also called for immediate refund of taxes and duties such as Excise, CENVAT, Drawback, Service tax and VAT is required to further give a boost to exports.
FIEO has also urged the government for immediate redressal of issues related to inverted duty structures which make India a trading destination rather than a manufacturing hub, proportional increase in all industry rates of service tax, exemption of exports from the purview of service tax particularly for services such as ECGC premium, Services rendered at Container Freight Stations, Clearing House Agent Charges, Terminal Handling Charges and Bank Charges on collection of bills apart from rates being charged by CONCOR which are too high are some of the major issues which can be immediately looked into. (KNN Bureau)
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