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Finally govt. wakes up to the woes of exporters
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Bikky Khosla | 18 Nov, 2008
The ball has been set rolling with the government all set to announce a fresh package to revive the export sector in the wake of severe global recession. And as the country's export growth rate recorded the steepest fall in half a decade, declining by 15 percent in dollar terms, there can't be a better time for the government to improve the conditions for exporters than the present.
Even as the government is considering a package for exporters, I see India missing the export target of $200 billion set for the current fiscal in the face of global economic slowdown - the authorities need to get their act together and respond fast.
A slew of measures to sustain the export growth momentum following the spill-over effect from US and EU - India's two biggest markets - is what the government actually needs to come up with.
Everywhere global economic slowdown is impacting exports and the government can no longer remain a mere spectator for long.
The Commerce Minister himself has agreed that 'there is choking of credit, and combined with elevated risk perception, will lead to lower capital flows and reduced levels of foreign direct investment.' A fresh package for exporters at a time when exporters are facing demand crunch in the developed world can be the best thing to happen.
Although the Commerce Ministry is pitching for a total tax waiver for exporters, both at the Central and state levels, I see the finance ministry taking the proposal with a pinch of salt. It may perhaps be a repeat of an earlier situation when the exporters were caught in a messy situation due to differences between the Commerce and Finance ministries. Let's hope it doesn't happen again.
Meanwhile, the extension of the pre-shipment credit to 270 days, as against 180 days previously, is a good move and will invariably bring some relief to the export sector.
Let's just hope that whatever package the government comes up with, it should be able to help exporters to compete in the world market in the current scenario.
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Economic slowdown - best time to promote one's brand
Jagdish Mehta / Smart Card Systems Raipur | Wed Nov 26 14:21:22 2008
I am only glad to agree that it is the best time to promote one's brand, simply because, this is time which will demonstrate one's core competance, abilities to deliver customer expectations and above all the business management skills. Your article makes quite an interesting reading and one has to read it between the lines. Thanks
A kind gesture
Sir James | Thu Nov 20 04:17:26 2008
Its a thought provoking article by Bikky, Kudos!! However, the banking sector should not be hesitant now after the approval by the ministry.
Export credit
Nainesh Trivedi-Export Manager. | Wed Nov 19 05:11:43 2008
There are several announcements about export credit. But when we approach our Banker about pre shipping credit they are reluctunct to give. We had offered to keep material in their lock & key as our client agrees on payment prior to shipment but only when material is ready & packed with us. So to buy we need credit & for this only reason we are loosing orders against Dubai people who give credit to him.The Bank is Bank of Baroda,Princess Street Branch.
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