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The Government today announced a slew of measures, including round-the-clock customs clearance at eight ports in the country, with the aim of bringing down transaction costs on exports by Rs 2,100 crore.
“It is expected that implementation of the 23 issues is likely to mitigate transaction costs by approximately Rs 2,100 crore,” the Minister of State for Commerce and Industry, Mr Jyotiraditya Scindia, said here.
The Government expects that a permanent reduction in transaction costs through these initiatives will have a long-term positive impact on the competitiveness of the country’s exports.
Reducing transaction costs should be an “ongoing task”, said the Finance Minister, Mr Pranab Mukherjee, while releasing the report of a ‘Task Force on Transaction Cost in Exports’
In India, transaction cost for exporters is around 7-8 per cent of the total value of the cargo. This is among the highest in the world.
The country’s exports rose by 36.4 per cent year-on-year to $22.5 billion in December, 2010, the highest growth rate in the last 33 months.
During the April-December period of the current fiscal, the country’s outbound shipments grew by 29.5 per cent to $164.7 billion from $127.1 billion in the same period last year.
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