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The Commerce Ministry has woken up from its deep slumber. Weeks after exporters have been robbed of their profits because of the rupee appreciation, the Commerce Ministry has announced a series of measures to cushion exporters from the adverse impact of the appreciating rupee which has hurt export competitiveness, expecting the Cabinet to back some of its proposals that need the Finance Ministry's support in the form of duty cuts, paybacks and interest-related decisions. The measures proposed include a quicker refund of some taxes, a reduction in interest rates on exporters' credit and possibly, interest payments on foreign currency earnings held in current accounts by exporters.
The government has also decided to set up a committee to assess job losses arising from the strong rupee and consider reduction of premiums on insurance policies to make exports more competitive. The strengthening rupee is impacting new orders and has resulted in employment loss. Well, Better late than never!
Money Management Consultants Ltd
New Delhi, India
Free Member, Joined :05/11/2007
No of Topics Posted : 113
Reply/Comments : 14
It really beats me why the Indian government takes the lengthy and most complex export norms when even a layman can give ideas as to how the same norms can be simplified. Interestingly the WTO thinks likewise and it has recently said that India's export regime is highly complex and needs reforms. For instance the government should consider reducing duties across the board rather than refunding to exporters through complex schemes.
Free Member, Joined :02/02/2007
No of Topics Posted : 122
Reply/Comments : 16
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