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Increased funds for TUFs for textiles sector to resurrect MSME export, FIEO

03
Jul '09
Mr A Sakthivel, President, Federation of Indian Export Organisations (FIEO) while commenting on the Economic Survey presented in the Parliament stated that the GDP growth rate in 2008-2009 had shown a decline of 6.1% after growth levels of 8-9% in the last 4/5 years. Estimates from World Bank data indicate a further decline in GDP and in such circumstances supportive measures need to be announced in the forthcoming budget.

The FIEO Chief elaborated that envisaging the challenges ahead the economic survey has suggested measures such as tax simplification for fiscal sustainability, revitalizing disinvestment, implementation of GST, review and phase out of surcharges, cesses including FBT which would also reduce the transaction / overhead costs on MSME export sector.

Commenting on the Section on the External Sector, the FIEO Chief explained that although World Trade Volumes are expected to be in the negative zone (-9%) there have been some signs of recovery in May, 2009 as indicated by the Baltic Dry Index and as corroborated by the survey, the Merchandise Trade Sector would require measures to make it competitive.

Measures such as higher subvention of interest, higher rates of duty drawback and DEPB, better allocations to Technology Upgradation Fund (TUFs) for the Textile Sector need to be considered urgently to resurrect the MSME Export Sector from the existing crises.

Federation of Indian Export Organisations


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