New Delhi: Exports from India are expected to touch $200 billion (Rs7,97,900 crore) by 2009, maintaining an annual growth of over 20% for the 2004-09 period, but it would require government support through tax refund schemes, said a survey of CEO’s conducted by industry body CII.
A CEO survey conducted by the CII on Foreign Trade Policy said to sustain the growth of exports, government should continue tax refund schemes such as Duty Entitlement Pass Book (DEPB), Export Promotion Capital Goods (EPCG), Duty Free Import Authorisation (DFIA) in the next fiscal as well.
The Cabinet is likely to take a decision on the proposal of extension of the DEPB scheme for the next fiscal, Commerce Secretary G K Pillai had said.
“India will become a major player in the global market, if the government ensures stability with no mid-term changes to the policy. This will enable long-term planning for exports,” the CEOs participating in the survey said.
The survey said exporters are looking for new export promotion schemes from the annual supplement, to be announced on April 7. The new scheme would help exporters in getting raw material at cheaper cost and make the Indian products more competitive in the international markets, it added.
The CEOs said the government should further simplify export and import procedures for small and medium enterprises, which contributes a large portion of total exports from the country.
The powers of regional and zonal offices of Directorate General of Foreign Trade Policy (DGFT) should be enhanced to ensure quick approvals to exporters. Currently, the cases are sent to the Head Office of DGFT in New Delhi for approval, they said.