Earlier in his address, Mr Sanjay Budhia, Chairman,Trade Committee, CII and Managing Director, Patton International Ltd, said the recent rupee appreciation has hit exporters and made them less competitive.
He said it has put India in a disadvantageous position vis a vis its neighbours such as China, Pakistan and Bangladesh. Speaking on behalf of the exporters, he urged the DGFT to incorporate some changes such as:
• DEPB duty drawback rates be rationalized by 5%.
• Rate of interest on pre and post shipment credit be reduced for exports to 6%.
• Exchange Earners Foreign Currency (EEFC) account may be interest bearing.
• Banks may be mandated to meet 15% export credit disbursement target.
• Notification of the service tax exemption/refund for export announced in the Foreign Trade policy, 2007.
Confederation of Indian Industry
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