May '11
Federal Revenue Secretary, Sunil Mitra said, the Duty Entitlement Pass Book (DEPB) scheme each year causes the government to lose $1.8 billion.
However, industry officials condemned the decision to end the DEPB scheme from June 30, without any alternative arrangement, saying, it would impair export growth.
A senior official of the Confederation of Indian Industry, a trade body which is petitioning against the move, said that, the move is really a distressing one.
The government of Asia's third-largest economy each year repays around Rs. 80 billion to the exporters as refunds of the taxes collected on imported supplies.
Exports from India have recovered strongly from the doldrums of the global economic slowdown, touching $246 billion in fiscal year 2011.
The Trade Minister of India in April stated that, the country expects to register a minimum growth of 25 percent in its exports next year.
The Federation of Indian Export Organizations (FIEO) claimed that, withdrawal of the incentives would hit around 25 percent or $70 billion worth of country's exports.
Fibre2fashion News Desk - India
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