Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
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Industry & Economy
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Exports & Imports Slow progress in finalisation of foodgrain export subsidy scheme irks House panel Our Bureau
New Delhi , April 22 A PARLIAMENTARY panel on Commerce has expressed "displeasure" on the inordinate delay in bringing about an amendment to the Foreign Trade (development and regulation) Act 1992 for treating sales from the domestic tariff area to the special economic zones (SEZs) as exports. In its report tabled in Parliament recently, the Standing Committee on Commerce has also expressed "unhappiness" over the slow pace of work in finalisation of the `foodgrain export subsidy' scheme. "No headway seems to have been made. The committee emphasises the need for early finalisation of the scheme," the Parliamentary panel report said. The committee also recommended that the implementation of the fiscal package for developers of SEZs should be closely monitored by the Department of Commerce to pre-empt malpractices. The fiscal package that had been put in place by the Union Government for developers of SEZs includes duty-free import/procurement of goods for development, operation and maintenance of SEZs, and exemption from payment of service tax, Central sales tax and income-tax under Section 80IA to developers for a block of 10 years in 15 years. On the issue of market access initiative (MAI) - export studies, the committee noted that the bulk of the Tenth Plan outlay for MAI-export studies of Rs 552 crore still remained to be spent/utilised and therefore recommended that wide publicity be given to the scheme and more proactive steps be taken to invite proposals according to the laid down criteria of the scheme. "During the process of review of the scheme, the factors responsible for the low rate of proposals should be studied, to remove the bottlenecks, if any, and the corrective steps should be revised," the panel report said.
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