ComMin wants exports out of GST purview
The Dollar Business Bureau The two-day meeting of the GST Council is underway with the Commerce Ministry pitching in for an ab-initio exemption for exporters from the upcoming Goods and Services Tax (GST). The meeting headed by Finance Minister Arun Jaitley has the participation of Commerce and Industry Minister Nirmala Sitharaman. According to Federation of Indian Export Organisations (FIEO), the exemption on final export products should continue under the GST in a bid to encourage overseas shipments. "Exemption on the final export products should continue, else it will lead to a problem of working capital particularly for MSME units," Federation of Indian Export Organisations (FIEO) President S C Ralhan said. The Commerce Ministry had earlier proposed to the Finance Ministry for keeping such exemptions intact for ...
Exports continue to decline, drop 24.33% in September
The Dollar Business Bureau India’s exports shrank in September for the tenth straight month as shipments of several key products including petroleum, iron ore and oil seeds declined by a significant margin. Exports during September fell by 24.33% to $21.84 billion (about 1.45 lakh crore) from about $28.87 billion (Rs.1.76 lakh crore) during September 2014. Overall exports during April-September this year contracted by 17.63% to over 132.9 billion (Rs. 8.53 lakh crore) as against about $161.4 billion (Rs. 9.72 lakh crore) during the same period in 2014-15, said the latest data released by the Commerce Ministry on Thursday. Expressing concern over the continuous decline in shipments, Federation of Indian Export Organisations (FIEO) President S C Ralhan said the downward trend has ...
Govt ready to rework policy framework to boost exports
Deepak Kumar | The Dollar Business The government has assured exporters that it was ready to rework the policy framework and take some concrete steps to boost India’s international trade, an experters’ body has said. “In view of the continuous decline in the exports during the past several months, a FIEO delegation had a meeting with the Finance Minister twice in August and September 2015. We advised him of the problems being faced by the exporters. We have learnt that there will be a decision taken on interest subvention scheme,” S C Ralhan, President of the Federation of Indian Export Organisations (FIEO), said at FIEO’s 50th Annual General Meeting held on Monday. “Commerce Minister Nirmala Sitharaman is keen to consider our ...
India Inc seeks immediate transmission of rate cut
The Dollar Business Bureau Welcoming the RBI’s decision to reduce its lending rate for banks by 0.5%, various trade and industry bodies have asked banks to pass on the benefit to borrowers so as to improve cash flow in the economy. The Reserve Bank of India (RBI) in its fourth bi-monthly monetary policy review on Tuesday reduced the repo rate from 7.25% to 6.75%. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the cut in interest rates needs to act as a demand push at the consumer level and should help revive investment cycle, especially in the private sector. “The trouble has been aggravated by a high level of debt in the private sector which makes it onerous ...
Export bodies seek govt attention to arrest falling exports
Deepak Kumar | The Dollar Business Expressing concerns over continuous fall in overseas shipments, export bodies have called for immediate intervention from the government to draw a roadmap to boost the international trade. On Monday, the Director General of Foreign Trade (DGFT) is likely to hold a meeting with exporters and discuss measures to revive the sector. “We have a meeting with the DGFT on Monday next week. We have been requesting the government for over two-three months to set up a meeting with all the council chairmen, who will discuss about the major hindrances before the industry,” S C Ralhan, President of the Federation of Indian Export Organisations (FIEO), told the Dollar Business. Ralhan said the government must look into some ...
