NEW DELHI : After Prime Minister Shri Narendra Modi’s meeting on boosting exports, the Central Board of Indirect Taxes and Customs (CBIC) is preparing to remove roadblocks for faster export shipment clearance.
“There should be no delays in the export of goods and processes which remain an obstacle to exports and, where possible, removed or simplified,” CBIC President Mr. M Ajit Kumar said in his letter to the officers. Such a strategy is critical at a time when the government has set a goal of achieving $400 billion in merchandise exports during the current fiscal year, $500 billion for fiscal year 23, and $1 trillion by fiscal year 26.
On August 6, the Prime Minister held a meeting with the heads of Indian missions abroad and stakeholders in the trade and commerce sector to promote India’s exports.
Today, as we try to regain that old share in the global economy, the role of our exports is very important. In the post-Covid world, when there is intense debate about the global supply chain, we must redouble our efforts to take advantage of new opportunities. You understand that our exports make up about 20 percent of GDP. Prime Minister Modi said that given the size of our economy and our potential industry, manufacturing and service base, there is huge potential for export growth.
Referring to this meeting, Kumar said it aims to serve as a powerful engine to kick-start the economy, which is going through a difficult phase since the outbreak of the pandemic.
Modi listed four factors that would help speed up exports from India – increasing domestic manufacturing, settling transportation problems, improving logistics, and the need for central and state governments to go hand in hand with exporters to expand the international market for Indian products.
“In this regard, it is important for us to further simplify our procedures and ensure that operations are error-free and exports are facilitating,” Kumar said. Moreover, he stated that the policy wings of the COMCEC Center for Artificial Intelligence should deal with the role of customs and investigation agencies to solve problems, “if any, as soon as possible.”
This is the next big step after the center notified the guidelines and rates for its RoDTEP (Exempt Duties and Taxes on Exported Products) plan on Tuesday. It claimed that the zero-rating scheme for exports would enhance India’s exports and its competitiveness in global markets. RoDTEP rates will cover 8555 tariff lines.
The Ministry of Finance and the Ministry of Commerce have already taken a number of measures to boost exports. These include the extension of the Foreign Trade Policy (2015-20) until September 30, the interest equalization scheme on rupee export credit before and after shipment until September 30, the implementation of State, Central and Excise Tax Rebate (RoSCTL) from January 1, 2021, the launch of the joint digital certification platform Origin to facilitate trade and increase the use of the FTA by exporters.
It also includes implementing a comprehensive “Agricultural Export Policy” to provide an impetus to agricultural exports related to the agriculture, horticulture, animal husbandry, fisheries and food processing sectors.
Source : Business Line