The Hindu Business Line : `More transparent drawback system on the anvil '

SOUNDING confident of touching an overall export figure of $ 90 billion by the end of this year, if the present growth momentum of 24 per cent can be maintained, Mr S.N. Menon, Union Commerce Secretary, has said a more transparent system of duty drawback is now on the anvil.

He assured exporters of the eastern region here at an interactive session here recently that once the electronic data interchange was completely in place all over the country, the systems would become more perfect.

He said a meeting has been planned in Kolkata sometime in November with the Union Revenue Secretary and the Shipping Secretary to sort out all the problems faced by exporters of the region, particularly with regard to port connectivity, documentation issues and even duty drawback.

On the issue of extension of DEPB, especially when the Government was taking a little more time to come out with a WTO compatible alternative scheme, Mr Menon said an overlapping extension would be in place till such time a fresh announcement on the alternative is made by the Government.

He, however, anticipated some kind of an announcement before September 30.

Discussions were on at various levels of Government and between the Ministries on this, he said.

On border trade with China through the Nathu La Pass (in Sikkim) in the north-eastern part of the country, the Commerce Secretary said work on beefing up the necessary infrastructure has already started, largely owing to the special enthusiasm of both the West Bengal and Sikkim Governments which are keen on the early opening up of this trade route.

Simultaneously, modernisation of the land ports in the eastern and north-eastern parts of the country are also being taken up, he added.

Elaborating on the Union Government's `Look East' policy, Mr Menon said that the oft repeated words that the 21st century would be the Asian century was not mere rhetoric.

"The centre of gravity of the world is shifting gradually, but decisively, towards the Asia-Pacific and in one form or the other, Asia is set to dominate the politics and economics of this century."

He said India and South East Asia have a historic opportunity to promote this process to mutual benefit by exploiting the synergies between them.

"Our Look East policy has paid us rich dividends and holds tremendous potential for the future."

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page