The Hindu Business Line : Cashew exporters’ plea against cut in duty

This move has come as a “rude shock” to the industry, when it is facing difficulties caused by the appreciation of the rupee and also stiff competition from Vietnam.

Our Bureau

Thiruvananthapuram, Oct. 21 India’s cashew export industry is upset over the Centre’s recent move to cut the Duty Entitlement Pass Book (DEPB) rate for cashew from 3 per cent to 1.5 per cent.

Addressing a press conference in the city, Mr Walter D’Souza, Chairman of the Cashew Export Promotion Council of India, said that in July this year, the Commerce Ministry had announced that the DEPB rate for cashew would be 3 per cent with effect from April 1 this year to March 31 next year.

However, on October 9, the Government of India cut the DEPB rate for cashew from 3 per cent to 1.5 per cent with immediate effect, he explained. This move has come as a “rude shock” to the cashew industry, more so at a time when it is facing difficulties caused by the appreciation of the rupee against the US dollar and also stiff competition from Vietnam, he added.

According to Mr D’Souza, the cashew industry is requesting the Centre to restore the DEPB rate for cashew to 3 per cent.

Brand creation

In an effort to create a brand for Indian cashew, the Promotion Council is testing a ‘made in India’ brand promotion strategy in the United Arab Emirates. In the first six months of this fiscal, export of cashew kernels was 57,157 tonnes as against 58,210 tonnes in the same period last year.

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