'New export promotion meaures welcome'- Mr Jindal, ASSOCHAM
Mr. Sajjan Jindal, President, ASSOCHAM
President, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) Mr. Sajjan Jindal welcomed customs duty reduction from 5% to 3% under Export Promotion Capital Goods Scheme with a rider that the Finance Ministry should immediately ratify it with necessary notification otherwise, this will prove to be a non starter.
Extension of Duty Entitlement Passbook Scheme (DEPB) for exporters is also a welcome measure that exporters will cherish, said Mr. Jindal adding that the special package of Rs.325 crore for leather and textiles is far below the expectations of India Inc. as it is these two sectors that have been worst affected due to meltdown both in terms of production and job losses.
As regards to export targets for current fiscal, the ASSOCHAM Chief said that achieving US$ 175 billion of export proceeds in current fiscal is still ambitious in view of shrinkages of demand of Indian products in markets of US, Europe and even ASEAN.
The ASSOCHAM Chief said that the target for export proceeds for fiscal 2009-10 of US$ 200 billion seems to be on higher side but hoped that Indian exporters would come up to the expectations of the government and introduce products for overseas markets at extremely competitive rates with much more superior quality.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
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