Finance Minister Janardan Sharma has instructed secretaries of the Ministry of Finance to make a guideline so that exporters could immediately receive export-based cash incentives.
In a discussion and interaction held with exporters and other stakeholders at the ministry today, Minister Sharma directed the Finance Secretary and Revenue Secretary to facilitate the procedure.
The Finance Minister directed secretaries to make a simple and easy procedure to get incentives. He suggested cash incentives should be arranged on the basis of value addition.
During the interaction, Minister Sharma said the private sector is a partner of the government and solutions to its problems will be sought in any way. He said the central bank, Ministry of Finance and related ministries would coordinate to find the solution to the problems being faced by the private sector. He also wished for the achievement of the government’s goal of economic growth.
In the interaction, Shekhar Golchha, President of the Federation of Chambers of Industry and Commerce (FNCCI), noted that the ‘incentives’ arranged in the budget have encouraged industrialists and businesspersons. He said the most encouraging thing for the exporters is the cash subsidy for exports.
FNCCI President Golchha said, “The export capacity of shoes, iron rods and cement is about Rs 300 billion. Even if only 50% of it can be exported, the country’s trade deficit can be reduced to a large extent, and it is also possible.”
In the interaction, Golchha opined that if the industries within the country get electric power supply at the same price as it is being exported to India, it will help in reducing the cost of production. He also urged the government to provide electric power to industries within the country at the same price as being exported.
