the global trade development in the Economic Survey, which projects 4 percent
growth in global trade in 2018, FIEO President GK Gupta
said that such growth augur well for Indian exports as they have always been
either above the curve or below the curve. Whenever global trade has done well,
Indian exports have posted much encouraging results.
the budget should look into the challenges faced by the export sector including
loss of competitiveness of labour-intensive sectors, constant appreciation of
Indian Rupee, less than flexible labour laws, need of skilling and improvement
in logistics and infrastructure.
said that the Economic Survey has rightly recognized that embedded taxes
arising from products left outside GST (petroleum and electricity) and those
that arise from inverted duty structure with nil duty on the final product,
needs to be compensated and Union Budget should announce a policy decision for
factoring them through Duty Drawback route.
that the focus of the Union Budget should be on job creation including in
export sector thereby providing fiscal support to employment-intensive sectors
expenditure incurred by the industry on imparting skills or on overseas
marketing may be provided tax deduction at 100 percent.
issues requiring amendment in GST Law including an exemption from IGST on
imports/inputs required for exports, a comprehensive drawback scheme for MSME
to provide refund of GST and Customs Duty, procedural changes to allow GST
refund at let export order, etc. needs to be addressed through the
With a view
to double farmersí income, the Budget should allocate substantial fund for
backward and forward linkages in agriculture including in cold chains and
warehouses so that we build on a stable Agri Policy, likely to be announced
soon, added Gupta.