Friday, Apr 26 2024 | Time 03:27 Hrs(IST)
image
Business EconomyPosted at: Oct 3 2020 6:07PM


Greater focus on monitoring and addressing policy constraints needed :Exim Bank Study

Kolkata, Oct 03 (UNI) While the Government of India has been working to identify policies to promote exports and build a better operational environment, there is need for greater focus on monitoring and addressing glitches which prevent the successful implementation of these policies, according to a study published by the Export-Import Bank of India (India Exim Bank).
The Study titled ‘Domestic Constraints for Exports in Select Sectors’, analyses the current domestic policy constraints faced by the Indian exporters in select sectors viz., gems and jewellery, auto and auto-components, electronics (with focus on mobile phones), textiles and clothing, and pharmaceuticals.
Based on the assessment of the challenges, the Study identifies sector specific policy initiatives that could improve operational conditions and efficiency of exporters in these sectors.
The Study also identifies policies for engendering global export hubs in the country for various
products.
The Study highlights common areas of concern for the exporters across various sectors, including the need for direct
government intervention to reduce costs at ports; attractive production oriented incentives, particularly in light of
the imminent phase out of Merchandise Exports from India Scheme (MEIS); addressing procedural delays in
approvals and refunds, as well as custom clearances by the Government; expediting GST refunds and duty drawback
refunds to improve the manufacturing landscape, among others.
The Study finds that an immediate refund of GST
could increase the overall GDP by 2 per cent, exports by 7 per cent, aggregate imports by 6 percent, and overall
employment by nearly 4 per cent.
The effects of immediate refund of GST on individual sectors are much larger, with
exports from the six identified sectors expected to register double-digit growth.
The Study also provides certain specific priority areas to focus for each of the identified sector, which are low
hanging fruits for improving operational efficiency of exporters.
Medium to long term interventions for improving
the policy landscape for manufacturing and exports have also been recommended in the Study.
The Study was released by Piyush Goyal, Union Minister of Commerce & Industry, and Railways,
during an interactive webinar organised by India Exim Bank on the theme ‘Strategies for Alleviating Policy
Constraints for Exports in Select Sectors’ on Saturday.
Speaking on the occasion, Mr Goyal highlighted
the efforts taken by the Government of India for incentivising exports, boosting domestic manufacturing and
enhancing the competitiveness of Indian exporters.
David Rasquinha, Managing Director, India Exim Bank, in his opening address, observed that while the pandemic
has significantly impacted international trade, it has also brought forth opportunities for countries like India to
enhance Global Value Chain (GVC) integration, as major economies seek alternative suppliers to build resilient
supply chains.
Rasquinha noted that the strategies recommended in the study undertaken by India Exim Bank
could help encourage foreign investments for GVC integration, and build a competitive and resilient exports sector.
UNI SJC AND
Please log in to get detailed story.
Tags: #Greater focus on monitoring and addressing policy constraints needed :Exim Bank Study
More News

Arun Alagappan appointed as Executive Chairman of Coromandel International

25 Apr 2024 | 7:41 PM

Hyderabad, April 25 (UNI) Arun Alagappan has been appointed as Executive Chairman of Coromandel International Limited (CIL).

see more..

Tech Mahindra net at Rs 661 crore in Q4; Company gives dividend of Rs 28 per share

25 Apr 2024 | 7:28 PM

New Delhi, April 25 (UNI) Mahindra Group company Tech Mahindra, a technology consulting and digital solutions provider, on Thursday reported about 41 per cent decline in net profit at Rs 661 crore year-on-year basis for the fourth quarter ended March 31, 2024.

see more..

Kottayam-Kochi Rubber Market Rates

25 Apr 2024 | 7:26 PM

Kottayam, April 25 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..
Indusind Bank net up 15 pc in Q4

Indusind Bank net up 15 pc in Q4

25 Apr 2024 | 7:10 PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported a 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023–24, compared to Rs 2,043 crore in the same quarter in 2022–23.

see more..

25 Apr 2024 | 6:53 PM

New Delhi, April 25 (UNI) Leading private bank Indusind on Thursday reported 15 percent jump in net profit at Rs 2,349 crore in Q4 of FY 2023-24 compared to Rs 2,043 crore in the same quarter in 2022-23.

see more..
image