Cabinet to take up exporters’ package in two weeks: Nath
Government is considering more steps to help exporters counter the rise in rupee against other currencies and ensure that the export target for this fiscal is achieved, Commerce Minister Kamal Nath said on Thursday.
By PTI |
NOIDA: Government is considering more steps to help exporters counter the rise in rupee against other currencies and ensure that the export target for this fiscal is achieved, Commerce Minister Kamal Nath said on Thursday.
"The Government is considering and cabinet will consider further measures for exporters... in the next two weeks Cabinet will consider these measures," Nath told reporters on the sidelines of the inauguration of HCL Technology Hub here.
The export relief measures will not be sops, but will include remissions and refunds of taxes and levies. Exporters must be given a level-playing against competitors, he added.
Government has already given three relief packages to exporters, aggregating to Rs 5,000-5,500 crore, Finance Minister P Chidambaram had said on October 28. The rupee has rise almost 12 per cent against the US dollar in 2007, making imports cheaper but hurting exports. In rupee terms, exports have risen only 5.34 per cent during April-October this year.
"We are looking to see that we do not lose our space in export markets developed over the years," Nath said.
He said 72 billion dollars of exports in the first six months of this fiscal was an achievement and there was no plan to revise the target of 160 billion dollars for this fiscal.
"We are not revising the target. I hope the target (of 160 billion dollars for 2007-08) would be met," he said, adding exporters have economized their operations.
Nath also said he will hold a meeting to review export performance this month.
Exporters were given a Rs 1,400 crore package in July, followed by another Rs 1,500 crore worth of sops. They have also been given exemption on service tax on seven items for exports.
"The Government is considering and cabinet will consider further measures for exporters... in the next two weeks Cabinet will consider these measures," Nath told reporters on the sidelines of the inauguration of HCL Technology Hub here.
The export relief measures will not be sops, but will include remissions and refunds of taxes and levies. Exporters must be given a level-playing against competitors, he added.
Government has already given three relief packages to exporters, aggregating to Rs 5,000-5,500 crore, Finance Minister P Chidambaram had said on October 28. The rupee has rise almost 12 per cent against the US dollar in 2007, making imports cheaper but hurting exports. In rupee terms, exports have risen only 5.34 per cent during April-October this year.
"We are looking to see that we do not lose our space in export markets developed over the years," Nath said.
He said 72 billion dollars of exports in the first six months of this fiscal was an achievement and there was no plan to revise the target of 160 billion dollars for this fiscal.
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"We are not revising the target. I hope the target (of 160 billion dollars for 2007-08) would be met," he said, adding exporters have economized their operations.
Nath also said he will hold a meeting to review export performance this month.
Exporters were given a Rs 1,400 crore package in July, followed by another Rs 1,500 crore worth of sops. They have also been given exemption on service tax on seven items for exports.
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