India Inc must share its experiences about non-tariff barriers faced in other countries so that the government can respond appropriately wherever feasible, commerce and industry minister Piyush Goyal said while promising more measures to easing compliances and creating a robust and vibrant businesses sector in the country.Goyal pointed out that India’s average applied import tariff (duty) has dropped to 15% in 2020 from 17.6 % in 2019, and the country’s applied tariffs were way below the bound rate of 50.8% (permissible limit under the World Trade Organization).“It is time for our industry to expand our capacity, capability and commitment to develop resilient global supply chains," he said, adding that the Centre expects that the Indian industry should suggest areas for intervention through research, handholding of exporters/manufacturers, and deeper engagement with states and Missions.Goyal said the government is working on a mission mode to achieve an export target of $400 billion in 2021-22. He highlighted that exports are recording healthy growth and during August 1-14, the outbound shipments grew 71% over 2020-21 and 23 % over 2019-20.He said the economy is in recovery mode and the country had witnessed a jump in foreign capital.“India has received the highest ever FDI inflow in 2020-21. It surged by 10% to $81.72 billion and FDI during May 2021 is $12.1 billion, which was 203% higher than May 2020,” he said while addressing a meeting of different industry associations on promoting exports.Talking about employment, he said more than 54,000 startups were providing about 5.5 lakh jobs and over 20 lakh jobs will be created by 50,000 new startups in the next five years.During the meeting, industry suggested steps like increasing export competitiveness, addressing logistic problems, active role of states in building capacity of exporters and developing international markets for Indian products.They also suggested inclusion of pharma and chemicals under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. Industry body PHDCCI’s President Sanjay Aggarwal said these sectors are essential to achieve the target of $400 billion exports and “it is therefore requested to consider these sectors in the RoDTEP scheme”.“The government has budgeted only Rs 17,000 crore for a scheme that is supposed to reimburse embedded levies paid on inputs consumed in exports in FY22. It is far less than the government’s initial estimate of Rs 50,000 crore each year. The budget for the RoDTEP scheme, including all tariff lines, need to be increased,” he said.
from Economic Times https://ift.tt/3godeo7
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