India : TEA welcomes reduction of Customs Duty on capital goods & equipments

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TEA welcomes reduction of Customs Duty on capital goods & equipments

12
Apr '08

Shri. A. Sakthivel, thanked Shri. Kamal Nath, Hon'ble Commerce Minister for presenting the Annual Supplement 2008 to Foreign Trade Policy (FTP) (2004-09) with more pragmatic approach by keeping the country's trade interest first and enhancement of exports.

Shri. A. Sakthivel was also happy to inform that with the Hon'ble Commerce Minister's clear vision and positive approach, as envisaged in 2004, the exports from our Country has doubled in four years.

Shri. A. Sakthivel welcomed the measures taken by the Government to curb the inflation and hoped the domestic consumers would get such products at reduced prices.

The withdrawal of incentives given under DEPB Scheme on export of rice, primary steel items and cement would certainly help to control the inflation.

Added to this, the ban on export of non-basmati rice, edible oil and pulses would also help to control the inflation.

Shri. A. Sakthivel thanked for announcing the continuation of Interest Subvention given to select exporters including garment sector for one more year which is very much need of the hour.

The extension of Duty Entitlement Pass Book (DEPB) till May 2009 and extension of IT exemption given to 100% EoUs till March 2010 from 31.3.2009 will help the exporters to work out the cost structures accordingly.

Shri. A. Sakthivel welcomed the reduction of Customs Duty for the capital goods and equipments availed under the EPCG scheme from 5% to 3% and extending eligibility for incentives / rewards under promotional schemes for exports made towards fulfillment of export obligation under EPCG.

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