Home / Knowledge / News / Textiles / Nath announces package to offset impact of rising rupee on export

Nath announces package to offset impact of rising rupee on export

14
Jun '07
Shri Kamal Nath, Minister of Commerce & Industry announced a package of wide ranging measures to counter the negative impact of rupee appreciation on India's exports.

Following extensive interaction with a high-level delegation of the Federation of Indian Export Organisations (FIEO) and all Export Promotion Councils (EPCs) led by the FIEO President, Shri G.K. Gupta, the Minister announced the following measures:

Ministry of Commerce would recommend to the Ministry of Finance the following:
• Duty Entitlement Pass Book (DEPB) and Duty Drawback rates may be enhanced by 5%.

• Rate of interest on pre-shipment and post-shipment credit be reduced for exporters to 6%.

• Exchange Earners' Foreign Currency (EEFC) Accounts may be made interest bearing.

• Scheduled Commercial Banks may be mandated to meet 15% export credit disbursement target.

• Notify the Service Tax Exemption / Refunds for exports announced in the Foreign Trade Policy 2007 without further delay.

• All arrears of TED (Terminal Excise Duty) & CST (Central Sales Tax) reimbursement would be cleared by 30th June, 2007 and the Ministry of Finance will be requested to provide additional funds, if necessary.

• Export Credit & Guarantee Corporation (ECGC) will reduce its premia rates by upto 10% to make exports more competitive.

A Committee is also being set up to assess job losses due to rupee appreciation and loss of export orders, Shri Kamal Nath said.


Must ReadView All

Pic: Shutterstock

Textiles | On 16th Oct 2021

China's economic growth reflects strong resilience, vitality: Li

Premier Li Keqiang has said China is capable and confident of...

Pic: Shutterstock

Apparel/Garments | On 16th Oct 2021

BGMEA urges Bangladesh govt to reskill & upskill RMG workers

The Bangladesh Garment Manufacturers and Exporters Association...

Pic: Shutterstock

Retail | On 16th Oct 2021

UK retail sales rises by 0.6% in Sep 2021; figure 5.6% in Sep 2020

Total UK retail sales rose by 0.6 per cent in September this year...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Nantas Montonati,

Nantas Montonati

The Riri Group is a one-stop supplier of metal accessories for the luxury...

Rajat Kapoor,

Rajat Kapoor

Seraphine is a British maternity brand providing affordable luxury fashion ...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search