MUMBAI, 15 SEPTEMBER, 2019 (GPN):

Reaction/Comments of Chairman of SHEFEXIL:

The recent measures announced by Union Finance Minister Smt. Nirmala Sitharaman to take Indian exports towards a new horizon have come as a much needed booster dose, especially for our basket of products, namely value-added agri products including non-timber forest produce, which are now facing sluggish international demand. We welcome wholeheartedly the introduction of the new scheme of Remission of Duties for Export Products (RoTEP), which will fully replace the MEIS Scheme for all goods and services from January 1, 2020. It is also heartening to note that under the Export Credit Guarantee Corporation (ECGC) will expand scope of export credit insurance service (ECIS) and will offer higher insurance cover, expected to cost the exchequer Rs 1,700 Crs annually. And, what is truly music for the ears of exporters is the announcement of an action plan by December 2019 to reduce the turn-around time at airports and ports, bench-marked to international standards. This is the need of the hour, as it is absolutely necessary to cut transaction time for Indian exports so that we can match international standards with regard to delivery schedules and earn the confidence of the global buyers in a big way. Overall, we in the exporting community feel highly energised by the slew of measures announced and we thank the FM and the Government of India for such timely action to prop up the sagging Indian exports.

Since our membership is dominated by the MSME sector, we are overjoyed by the   measure to boost exports, with the help of release of an additional Rs 36,000-68,000 Crs for Ministry of Micro, Small & Medium Enterprises (MSME), particularly to ensure higher credit availability for exports. We also welcome the plan for removal of human interference in tax assessment and introduction of a fully automated refund route for GST credit, to be put in place by September-end. We look forward to the setting up of the inter-ministerial working group to monitor export finance.