Union Minister of Commerce &
Industry and Civil Aviation, Suresh Prabhu, presided over a meeting of
Government officials and export organizations in New Delhi on 9 January 2019 to
discuss problems faced by the export sector.
Suresh Prabhu highlighted the
declining trend of export credit in recent months and suggested that banks may
be asked to encourage flow of credit to the export sector particularly to MSMEs
for generating more employment, says a release.
The Commerce Minister also urged to
make Input Tax Credit (ITC) refund online to ensure that the export refund is seamless
and also transparent and accountable.
Representatives of the export sector
highlighted the problems of pre-import under advance authorisation and
requested the Commerce Minister to bring the notification deleting the
condition with retrospective effect. Suresh Prabhu asked DGFT and Department of
Revenue, Ministry of Finance, to look into it so that genuine exporters are not
Banking issues like caution listing
of exporters, third party/ third country exports and list of items to be traded
with Iran were also deliberated and Department of Financial Services, Ministry
of Finance, agreed to discuss such issues with banks in the meeting scheduled
The industry acknowledged the support
provided by the Government by extending Interest Equalisation Scheme to
merchant exporters which will boost exports of MSME units.
Minister of State for Finance, senior
officers from Finance, Revenue, DGFT and Department of Commerce and
representatives of Federation of Indian Export Organisations,Pharmexcil, Gems
& Jewellery Export Promotion Council, Engineering Exports Promotion Council
and Chemexcil were present in the meeting.