Industry & Economy
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Industry Associations
Export inputs must be made available at competitive rates: Chamber
Our Bureau
New Delhi
,
Aug. 30
THE PHD Chamber of Commerce and Industry (PHDCCI) on Monday called for the need to make export inputs available at competitive rates for transforming India into a global trading hub.
"The National Foreign Trade Policy (NFTP) must address the need to develop a system whereby inputs to exporters are available at international prices. The Government must think of establishing India as an international trading hub with facilities for imports and exports in dollar terms," the chamber said in a statement.
The NFTP is to be announced by the Commerce Minister on Tuesday.
According to the chamber, the non-disbursement of export credit in foreign currencies has substantial impact on the profitability and competitiveness of small exporters. With financial support to exporters phased out, PHDCCI said the Government should provide supportive infrastructure and timely export credit at internationally competitive rates. "A conducive policy framework has to be practical in guaranteeing minimum procedural hurdles, low transaction costs and transparent duty neutralisation schemes for inputs used in export production, which are WTO-compatible," it said. The primary objective of the NFTP should be to enhance the competitiveness of Indian products in world market and tapping of new markets, PHDCCI observed.
The chamber said India should prepare a roadmap to enter into preferential or free trade agreements with different countries, as WTO talks are progressing slowly and India is not part of prominent economic blocks of the world. The chamber asked the Government to involve the industry in bilateral agreements to balance the divergent interests of exporters, importers and domestic manufacturers.
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