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FIEO seeks immediate release of export benefits
Exporters’ body FIEO on Wednesday urged the government to immediately release all export benefits under duty drawback, tax refund scheme RoDTEP, and goods and services tax as that would help in making shipments profitable.
The Federation of Indian Export Organisations (FIEO) President SK Saraf also expressed concerns over the rising prices of domestic inputs and suggested reduction in import tariff to soften the prices.
He urged shipping companies to rationally increase freight as all stakeholders are facing the same problem and with recovery in sight, all will sail together.
Saraf said although order book position of exporters is encouraging, increase in the prices of many inputs have resulted in re-negotiation of orders with some price escalation, which may also support exports in value terms by 10-15 per cent.
Further, he said to achieve $400 billion exports target for 2021-22, a concerted strategy would be required, treating exports a national priority by all wings and ministries.
The Engineering Export Promotion Council also said value-added steel products exported from India are becoming uncompetitive in the international market due to rising prices of primary steel locally and hence both tariff and non-tariff measures could be considered to rein in the steel prices.