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New Delhi, July 14 The Federation of Indian Export Organisations (FIEO) has hailed the Government’s move to increase duty entitlement passbook (DEPB) rates effective April 1, stating that this move would provide some relief to the employment generating sectors.

In a statement, the FIEO President, Mr G.K. Gupta, said that the 3 per cent increase in DEPB rates for nine identified sectors—textiles, readymade garments, leather products, handicrafts, engineering products, processed agricultural products, marine products, sports goods and toys – and 2 per cent increase in the rest of the items would help exporters go to the buyers with new offers.

Timely announcement of the export package by the Government would not only avoid retrenchment, but also help generate more employment and sustain export growth, the FIEO chief said.

However, Mr Gupta felt that service tax relief should have also been announced simultaneously, stating that this levy has eroded exporters’ profitability to a great extent.

More Stories on : Exports & Imports | Industry Associations

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