'Govt to take seven safeguard measures' – Finance Minister
Mr AMA Muhith, Finance Minister
The Minister of Finance, Mr Muhith announced that the government is all set to take seven different precautionary measures to safeguard the export sector from the vagaries of the recessionary trends blowing across the globe.
Mr Muhith divulged this after the first sitting of the task force. He said, “I apprehend a disastrous impact from the slowdown on all export sectors like garments, leather, jute and seafood, which is unprecedented in severity”.
Mr Muhith added by saying, “As apparel industry alone accounts for US $11 billion in export earnings and considering the huge employment levels of the industry, we have to keep it alive at any cost, even by paying cash incentives”.
Among the initiatives the government will take, he said, was, redefining non-performing assets, payment of outstanding cash incentives, cutting VAT on exports, strengthening BSTI support for enhancing quality and issuing license to captive power plants to distribute power.
Fibre2fashion News Desk - India
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