Export of high-tech products to be encouraged
Updated: Jul 02, 2013 04:10:54pm
New Delhi, Jul 2 (KNN) In the light of worrying Current Account Deficit (CAD) scenario, the Union Minister for Commerce and Industry Anand Sharma yesterday chaired a meeting with members of Export Promotion Councils to discuss measures to boost exports and invite suggestions to remove bottlenecks for exporters.
Addressing exporters, Sharma said, “The rising trade deficit has a cascading impact on CAD. Last year, exports reached USD 300.2 billion, while imports touched USD 491.9 billion, leaving a deficit of USD 191 billion up from USD 183 billion the previous year,” according to an official notification.
He cited weakening global demands along with developments like mining restrictions in Goa and Karnataka, and unprecedented rise in gold import as the major contributors.
Meanwhile, exporters put forward their demands for expansion of incentive schemes and a smoother regime for various clearances. Also, sector-specific councils submitted their inputs.
In response, Commerce Minister assured them of all support while promising to present their suggestions to the Finance Minister and Prime Minister during the forthcoming meetings.
Acknowledging the importance of high-tech products, Sharma said, “We had announced that export of high- tech products will be encouraged. The list is under preparation. Emphasis on value-added products will be given.”
With regard to the differential rate of credit, he stressed, “same needs to be provided for exporters as interest subvention still falls well short of global lending rates.”
He felt it was important as Indian exporters already had to deal with high transaction costs on account of infrastructure bottlenecks.
While assuring that he would bring up the issue with the Prime Minister, he said efforts would be made to bring down transaction cost through electronic data exchange.
“24 x 7 custom clearance at ports will be pursued in a mission mode and senior Ministry officials will visit the major ports to expedite it at the earliest,” he said.
He further urged the export bodies to focus on SMEs who account for sizeable chunk of the country’s exports.
As for exporters, he encouraged them to rise up to the challenge and ensure that commensurate performance was visible.
Others present at the meeting were FICCI President Naina Lal Kidwai and FIEO President Rafeeque Ahmed along with heads of major Export Promotion Councils. (KNN)
Addressing exporters, Sharma said, “The rising trade deficit has a cascading impact on CAD. Last year, exports reached USD 300.2 billion, while imports touched USD 491.9 billion, leaving a deficit of USD 191 billion up from USD 183 billion the previous year,” according to an official notification.
He cited weakening global demands along with developments like mining restrictions in Goa and Karnataka, and unprecedented rise in gold import as the major contributors.
Meanwhile, exporters put forward their demands for expansion of incentive schemes and a smoother regime for various clearances. Also, sector-specific councils submitted their inputs.
In response, Commerce Minister assured them of all support while promising to present their suggestions to the Finance Minister and Prime Minister during the forthcoming meetings.
Acknowledging the importance of high-tech products, Sharma said, “We had announced that export of high- tech products will be encouraged. The list is under preparation. Emphasis on value-added products will be given.”
With regard to the differential rate of credit, he stressed, “same needs to be provided for exporters as interest subvention still falls well short of global lending rates.”
He felt it was important as Indian exporters already had to deal with high transaction costs on account of infrastructure bottlenecks.
While assuring that he would bring up the issue with the Prime Minister, he said efforts would be made to bring down transaction cost through electronic data exchange.
“24 x 7 custom clearance at ports will be pursued in a mission mode and senior Ministry officials will visit the major ports to expedite it at the earliest,” he said.
He further urged the export bodies to focus on SMEs who account for sizeable chunk of the country’s exports.
As for exporters, he encouraged them to rise up to the challenge and ensure that commensurate performance was visible.
Others present at the meeting were FICCI President Naina Lal Kidwai and FIEO President Rafeeque Ahmed along with heads of major Export Promotion Councils. (KNN)
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