Commerce Minister to meet exporters on September 11 to discuss measures to push shipments

To push languishing exports on a higher growth track, Commerce Minister Piyush Goyal has called a meeting of stakeholders, including export bodies, to give suggestions on trade policy instruments that could stimulate development.

 

There is an urgency in the Commerce Ministry on the need to take decisions that would boost export growth. The meeting called by the Minister on September 11 will focus on measures that could be taken to aid exports and spur development, a government official told BusinessLine.

 

The urgency stems from the fact that the Indian economy has slowed down to a six-year low. Exports, too, have declined in the first four months of the fiscal with July figures showing a meagre growth of 2.25 per cent. “The government recognises the fact that a good performance in exports is important for the GDP to show robust growth. A lot more needs to be done to encourage exports,” the official said.

 

The Commerce Minister wants to get inputs from the exporting community on the measures and trade instruments that could lead to a possible increase in outbound shipments from their particular sectors.

 

For instance, yarn and fabric exporters, who have witnessed a sharp fall in exports over the last few months, have been demanding extension of the new Rebate of State and Central Taxes and Levies (RoSCTL) beyond garments and made-ups for the entire textile chain.

 

Exporters say that with competition from producers in Bangladesh and Vietnam increasing, they will not be able to sustain their presence in the global market if the government doesn’t refund all input taxes.