FIEO welcomes hike in duty drawback rates

CHENNAI: The Federation of Indian Export Organisations (FIEO) has welcomed the government’s move to hike the drawback rates of most products.

The recommendations of the union commerce ministry have to be implemented to ensure an all-pervasive growth of the export sector, said FIEO vice-president and south region chairman, A Sakthivel.

He said the incidence of fringe benefit tax and service tax should be scrapped for the export sector.

This will not only give Indian exports a competitive edge but also help achieve 1.5% of the global market share, he said.