Industry must participate more in boosting exports: Govt

The Ministry of Commerce & Industry has asked state-backed export councils and key industry bodies to collaborate with various government departments and overseas missions, and suggest, through research and studies, “relevant areas for intervention” for boosting exports. The government has set up the lofty US$ 400-billion export target for FY22. This comes amid the emergence of a new Covid variant in Africa that has led to the genesis of fresh uncertainties that can further disrupt the already-burdened global supply chains.

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The ministry is planning to bring in a new set of reforms to revitalize special economic zones (SEZs), under an “SEZ-plus” initiative, an official source said. This could include revised norms for SEZs to sell in the domestic market at lower duties and easier exit route for loss-making firms in these duty-free enclaves. It also wants industry to profit from various production-linked incentive schemes and identify areas of benefits from potential free trade agreements with key economies. It wants these organizations to bring to its notice the issue of non-tariff barriers posed by any country so that New Delhi can put in place appropriate retaliatory measures. The ministry urged industry bodies to be “vocal about local” and more proactive in their for boosting exports.

To support the domestic industry, Commerce and Industry Minister Piyush Goyal,  has also proposed to reduce the compliance burden of India Inc, which will help in boosting exports. A grant amounting Rs 56,027 crore was also released in September to clear all the pending dues owed to exporters until FY21 under various schemes to ease any liquidity crunch. Funds will also be disbursed in the last quarter of this fiscal.

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Source: Financial Express