Global slowdown impacted India's exports in 2014-15: Commerce minister Nirmala Sitaraman

VIJAYAWADA: India failed to meet the exports target of USD 340 billion set for 2014-15 due to economic slowdown in many countries, Commerce and Industry Minister Nirmala Sitaraman said today.

The minister also said that Finance Minister Arun Jaitely has agreed to review the new 14-page Income Tax return form.

"We were unable to meet the exports target of last year due to the slowdown in targetted markets across the world," the minister said, adding these markets are yet to recover from the financial crisis of 2007-08.

"We are ready to meet the future demand by improving the capacity building and by taking many initiatives. One or two new markets would provide more demand for our exports," she said.

To a query, Sitaraman conceded the new Trade Policy has been delayed by a year.

On new Income Tax return form, which has been put on hold, the minister said Finance Minister Arun Jaitely has agreed to review it, to make it taxpayer-friendly.

Tax authorities had made several additions to the form for the assessment year 2015-16 seeking details about foreign travel, foreign assets and income from any source outside the country, details of all bank accounts held in India at any time during the previous year.

Sitaraman also reiterated that the Centre is committed to provide special status to Andhra Pradesh.

The Union government has already allocated Rs 6,701.39 crore as grant for the state to meet its revenue deficit, as promised in the AP Re-organisation Act, she said, adding that Centre is making all efforts for comprehensive development of the state before granting special status.

Creation of infrastructure is more important to attract the industries before granting the special status and in view of that the government has announced Visakhapatnam and Bhimavaram as centres of excellence for marine food exports, the minister said.

She said the Commerce Ministry would take up the infrastructural development to transform the two centres as international marine food exports markets.

Sitaraman also said the Asian Development Bank has submitted its report on Visakhapatnam-Chennai industrial corridor, the work on which would commence soon.

As a part of the expansion of rail network in AP, the Railway ministry has allocated funds for 10 new projects in the latest budget, she said.

Sitaraman said Shipping ministry has proposed three new ports at Narsapur, Ramayapatnam and Duggarajupatnam.