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FIEO appreciates proactive support to exports & other initiatives of the govt

 

Mr Ganesh Kumar Gupta, President, FIEO, has complimented Mr Suresh Prabhu, Commerce and Industry and Civil Aviation Minister, for presiding over a meeting to discuss the problems faced by the export sector. The Minister of State for Finance; senior officers from the Finance, Revenue, DGFT and Commerce Department; the President and DG and CEO, FIEO; Chairman of Gems and Jewellery Export Promotion Council; Chairman of EEPC, and representatives of Pharmexcil and Chemexcil were also present at the meeting.

 

Mr Prabhu pointed to the declining trend of export credit in recent months and asked the Ministry of Finance to instruct banks to encourage the flow of credit to export sectors, particularly to the MSME sector, for giving a push to employment.

 

He also urged the Ministry of Finance to put ITC refund online so as to make the export refund seamless, helping exporters and ensuring transparency and accountability.

 

Mr Gupta highlighted the problem of pre-import under advance authorisation and requested issuing a notification deleting the condition with retrospective effect to give relief to exporters. Mr Prabhu asked DGFT and DoR to look into it so that bonafide exporters are not harassed.

 

The FIEO President also raised banking issues such as caution listing of exporters, third party/third country exports and list of items to be traded with Iran. It was decided that the Department of Financial Services will discuss such issues with banks in the meeting scheduled for January 22, 2019.

 

Mr Gupta acknowledged the support given by the government to exporters by extending the interest equalisation scheme and operationalising trade with Iran, said a release.

 

Source : Exim News Service - Mumbai, Jan. 10

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