'Export promotion schemes to continue under GST regime'

These clarifications were given by Teaotia at the open house session organised by the Federation of Indian Export Organisations (FIEO) on mid-term review of foreign trade policy at Bangalore. The session witnessed participation of exporters from various organisations including textiles, silk, engineering and defence among others. At the programme, the exporters argued for continuation of all schemes to make Indian products competitive as well as the need for exemption route instead of tax payment and then take refund. Karnataka silk industry stated that introduction of 5 per cent GST for the industry will harm their growth as they were facing competition from countries like China and the process is done by marginal worksman.

"The major global trade is happening in high and medium technology sector where India’s share is absolutely low. China is constantly increasing its share in this sector and thereby showing quantum jump in exports," said Ganesh Kumar Gupta, president, FIEO. He urged the commerce secretary to provide fiscal stimulus to high and medium technology sector in the mid-term review of the foreign trade policy. Further, he also stressed the need to build India's reputation of being the leader in software to sell our hardware and software embedded hardware.

Fibre2Fashion News Desk – India