New Delhi, March 15
Industry chamber FICCI has sought fiscal incentives for the retail sector under the Export Promotion Capital Goods Scheme (EPCG scheme) in its submission to the Board of Trade meeting held on Tuesday at the Ministry of Commerce and Industry.
This fiscal incentive is in addition to changes in a number of export promotion schemes sought by FICCI in its submission to the Board for the forthcoming Foreign Trade Policy.
FICCI has said that the organised retail sector has huge employment potential and further incentives are required from the Government in order to encourage exports and investment in this sector. In the current policy for the retail sector, only import of capital goods are allowed under EPCG scheme and a lot of other equipment required in the retail supply chain pertaining to material handling, and warehousing and distribution facilities are not entitled to fiscal incentives under EPCG.
FICCI said that in order to bring this sector up to international standards, equipment allowed to be imported under EPCG scheme for the hotel and tourism industry should also be allowed for retail sector.