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Budget dampens the spirit of SMEs, FIEO Chief
Mar '08
Expressing his disappointment over the Union Budget, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that Budget has not addressed the problems faced by the exporters in view of appreciating Rupee and stagnating traditional markets.

The proposal to provide zero rating of exports through refund of States and local levies, exemption from FBT on genuine business expenses, exemption from all service taxes on services used during the course of exports to provide a level playing field to Indian exporters have not been considered.

President, FIEO also expressed his dismay over non-extension of sunset clause for EOU,EHTP and STPI, besides temporary reintroduction of 80-HHC to encourage investment in export manufacturing.

Increase in allocation for textiles upgradation fund and integrated textiles park besides mega clusters schemes for handloom and handicrafts would not provide immediate support to textiles sector which is need of the hour.

No consideration was given to form an “Export Marketing Fund”for MSME sector which is essential in present scenario when export orders are drying up,said FIEO Chief.

The only silver lining for the export sector is the gradual move towards GST by reducing excise duty from 16% to 14% and few concessions given to sports goods and gem and jewellery sector through reduced customs duty on their inputs.

Federation of Indian Export Organisations

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