The Director General of Foreign Trade, Mr R S Gujral, said the new DEPB scheme is likely to be out by November and asked the Confederation of Indian Industry (CII) to come up with specific suggestions to help prepare the contours of the scheme.
Mr Gujral was speaking at a CII interactive session on foreign trade, here on Wednesday. He assured the exporters that necessary changes would be made WTO-compatible.
Mr Gujral said the DGFT would give all positive help and walk with the CII in resolving issues, as a “substantive dialogue would lead to substantive conclusion”.
He also urged the exporters to learn to live with exchange rate fluctuations as it would be a regular phenomenon in the process of economic growth. The exporters must cut cost to become competitive and learn to hedge against the exchange rate fluctuation risks, the Director General said.
Commenting on the modifications made in the existing DEPB schemes, he said the measures are not adequate and the government needs the support of industry for further changes.
Among the steps taken to make things easy for exporters, he said the validity for TPS scheme has already been extended and the functioning of zonal offices of DGFT have been decentralized and facilitation process made easier.
Dr Shyam Agarwal, Additional Director General of Foreign Trade, said the uncertainties arising due to sudden withdrawal of certain schemes cannot be avoided altogether since it is dependent on external policy environment.
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