Steps on infra, customs duty in Budget to promote mnfg, exports: Exporters | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Budget / News/  Steps on infra, customs duty in Budget to promote mnfg, exports: Exporters
BackBack

Steps on infra, customs duty in Budget to promote mnfg, exports: Exporters

Federation of Indian Export Organisations President S K Saraf said that modern infrastructure makes exports competitive as it helps in reducing the logistics cost

Representational image Premium
Representational image

Steps announced to develop modern infrastructure and rationalisation of customs duties on different products would help in promoting domestic manufacturing and boosting exports, according to exporters.

Federation of Indian Export Organisations (FIEO) President S K Saraf said that modern infrastructure makes exports competitive as it helps in reducing the logistics cost.

The various facilities for fisheries will push marine exports of the country which has yet not reach anywhere near its potential, Saraf said.

He also said the government should allocate the requisite funds for RoDTEP (Remission of Duties and Taxes on Export Products), MEIS (Merchandise Export Incentive Scheme) and SEIS (Services Export Incentive Scheme) so that the uncertainty is removed and exporters' past claims may be released quickly as the same has severely eroded their liquidity.

Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said focus on highways, railways and ports is a welcome decision as it will go a long way in improving the logistics and reduce the cost of doing business.

The rationalisation customs duties will also result in easy access to raw materials and export of value added products, Sakthivel added.

"The reduction in custom duty on nylon will further promote the MMF (man-made fibre) garments," he added.

Sakthivel said that hiking budget provision for Micro, Small and Medium Enterprises (MSME) sector will strengthen the sector crucial for employment, manufacturing and exports.

Religare Finvest Ltd CEO Pankaj Sharma said the government has announced a number of measures for MSMEs besides more than doubling the allocation for the sector.

"Several other steps like reduction of customs duty on semis, flat and long products of non-alloy, alloy, and stainless steels is a big boost for the sector that has borne the maximum brunt of the COVID 19 pandemic. The MSMEs and other user industries had been severely hit by a recent sharp rise in iron and steel prices," Sharma said.

Trade Promotion Council of India (TPCI) Founder Chairman Mohit Singla said this budget has been positive and forward-looking in terms of thrusting the agriculture export and taking Indian products to the global shelves by allocating 100 crore for the agri export policy.

Research firm CUTS International Secretary General Pradeep S Mehta said that the measures announced in the budget would help promote manufacturing and enhance the country's outbound shipments. PTI RR RR SHW SHW

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Feb 2021, 06:32 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App