Govt seeks industry views for Budget 09 amid rupee crisis

Govt seeks industry views for Budget 09 amid rupee crisis


New Delhi: Amid crisis in the exporting community due to unabated rupee appreciation, the government has asked trade and industry associations to submit their tax related proposals that can be incorporated in the next year’s Union Budget.

The Commerce Ministry, in a communication to different trade bodies, has sought comprehensive proposals relating to direct and indirect taxes, besides procedural issues relating to export credit.

“We will certainly give a detailed presentation for the next budget. However, we are facing immediate crisis on account of dip in margins resulting from appreciation of rupee against the dollar," Federation of Indian Export Organisations president Ganesh Gupta said.

He said while the government is making preparations for next year’s budget, “our fear is that it will be too late till March next and if the foreign funds keep pouring in, the dollar will further slide and exporters will be hit hard".

The ministry has also sought industries’ comments on the impact of change in import duties because of different trade agreements like Asean and Safta.

Views of the industry and various stakeholders have also been sought on binding of import duties in the WTO.