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Business EconomyPosted at: Aug 30 2021 12:19PM


India Inc calls for avoiding tariff hike as industry gears up to increase share in global supply chain

New Delhi, Aug 30 (UNI) As India aggressively pushes the local industry to increase its share in the global supply chain and cut a larger share of the trade pie, industry body CII has suggested the government to avoid raising tariffs.
It has said that tariffs should not be raised at least in sectors where cross-border Global Value Chains (GVCs) operate.
GVC refers to cross-border production aimed at minimising the cost by sourcing inputs from countries where they are available at most competitive rates.
Post-pandemic, many manufacturing giants are working on China Plus One strategy to avoid supply chain disruptions. India has been trying to woo such companies to locate their production units in the country by offering several concessions.
The CII, along with Exim Bank, is preparing a report on enhancing exports through integration into GVCs.
In a presentation to Commerce and Industry Minister Piyush Goyal, the industry body has suggested to negotiate and operationalise Free Trade Agreements (FTAs) with major economies to develop strong value chains between FTA partners.
Among the measures to boost trade, it has called for designing a single Customs portal covering complete information related to imports and exports.
Seeking to cut delays and litigations, the industry grouping has recommended to make the facility of advance ruling broad-based so that a trader can get a binding ruling in advance about the tax policy of the consignment.
The CII has also urged the government to make the preferential trade data publicly available so that industry can analyse and strategise their growth plans.
"Strengthen technical regulations regime and supporting institutions to enable India pursue MRAs (Mutual recognition Agreements) or harmonize standards with industrialised countries," the industry body has suggested.
The set of recommendations came in response to government seeking inputs from industry to boost exports from the country and achieve US$ 400 billion target in the current financial year.
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