More sops for exports to targeted markets

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Anand Sharma
Anand Sharma

Exporters may get additional incentives for selling products in targeted markets and have better access to dollar credit as part of the foreign trade policy to be announced next month.

“We will be looking at those markets where targeted exports can take place. The industry has rightly raised the issue of cost of credit, availability of credit and need for dollar credit window for manufacturing exports,” Commerce and Industry Minister Anand Sharma told reporters on Friday after his consultations with industry chamber FICCI.

Sharma is gathering inputs from various industry organisations and export promotion councils on the measures that could help exporters deal with the continued slowdown in world demand.

With the current account deficit assuming worrying proportions and with the Government not having many options to lower the country’s import bill, policy makers are looking for more ways to boost falling exports.

In fact, Finance Minister P. Chidambaram in his Budget speech promised that he would support measures to boost exports in the FTP.

Exports in April-January 2012-13 were down 4.86 per cent to $239.68 billion. A marginal increase of 0.01 per cent in overall imports to $406.85 billion pushed up trade deficit during the period to $167.16 billion compared with $154.89 billion in the previous year.

The Government announced two incentive packages to boost exports in the on-going fiscal, but contracting demand in the Western markets and lukewarm demand in large Asian countries have kept over-all exports in the negative zone.

(This article was published on March 8, 2013)
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Budget 2015 highlights

  • Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament today:
  • No change in personal Income Tax * Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000
  • Transport allowance exemption hiked to Rs 1,600, from Rs 800 per month
  • Additional 2% surcharge on people earning over Rs 1 cr; to fetch Rs 9,000 cr
  • Wealth tax abolished
  • Direct Taxes Code (DTC) dropped
  • Rs 50,000 deduction for contribution to New Pension Scheme
  • To lower Corporate Tax to 25% over next four years
  • GAAR implementation deferred by 2 years to April 2017
  • Service Tax rate hiked to 14%, from 12.36%
  • Tax free bonds for roads, railways, irrigation projects
  • 2015—16 growth between 8—8.5%, double digit growth feasible
  • Retail inflation close to 5% by March, room for monetary policy easing
  • To achieve fiscal deficit of 3% of GDP by 2017—18
  • Fiscal Deficit target 3.9% in 2015—16, 3.5% in 2016—17
  • Revenue Deficit to be 2.8% in 2015—16
  • Current Account Deficit for 2014—15 to be below 1.3% of GDP
  • To introduce comprehensive law to deal with black money
  • Benami property transaction bill to tackle black money transaction in real estate soon
  • 100% deduction for contribution to Swachh Bharat, Clean Ganga projects
  • GST to be put in place by April 1, 2016
  • Internationally competitive direct tax regime to be put in place to incentivise saving
  • Incentivise use of credit, debit cards; disincentivise cash transaction to curb black money.
  • The Finance Minister has covered good ground, but more needs to be done »

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