CII has just submitted to the Government, the RBI and SEBI a comprehensive set of recommendations for consideration as the new stimulus package for the economy gets finalised.
CII has recommended the following for,
Textiles sector:
-Restore duty drawback to pre 1st October 2008 in view of declining exports and China
having increased tax rebate on exports from 11% to 17%.
-Immediate measures for subvention on exports by additional 2%.
-Provide Subsidies to farmers to support the high MSP of cotton through Cotton Corporation of India and keep cotton prices at par with international prices.
-Reduce cross subsidy by 50%.
-2% incentive under the Focus Market/ Focus Product Scheme to boost exports.
Chemicals & Petrochemicals sector:
-Duty on Naphtha across the board to be reduced from 5% to nil.
-Steps need to be taken to cut price of Natural Gas.
-Safeguard duty on products from China, Taiwan, Korea, and Israel.
-To revisit duty draw back and DEPB norms and cover use of Natural Gas, Naphtha, Power etc as inputs in calculation of duty draw back / DEPB.
Leather sector:
-Interest rate on term loans be reduced to 6% to the exporters of leather and leather manufactures (including footwear) for the next 3 years and made applicable for existing term loans.
-Increase DEPB rate.
-Service tax refund for post manufacturing services irrespective of whether they use Duty Drawback Scheme or not.
Click here to view the recommendations in detail.
Confederation of Indian Industry
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