Exporters seek support measures in Budget to boost shipments | Threat of ‘Made in India’ product will increase from Budget 2022, exporters made this demand from Finance Minister

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Threat of ‘Made in India’ product will increase from Budget 2022, exporters made this demand from Finance Minister

Highlights

  • Government should take steps to increase the number of consignments going out of the country
  • There is also a need to increase the import duty on products made of plastic.
  • Also demand for tax deduction on partnerships and LLPs to help MSMEs

New Delhi. Exporters have urged the government to take necessary steps towards export promotion in the budget to be presented next week, saying there is also a need to remove customs duty on many products. The Federation of Indian Export Organizations (FIEO), while mentioning its expectations from the budget, has said that several steps should be taken to increase the number of consignments out of the country. Along with this, he has also told the need to increase the import duty on products made of plastic.

The exporters’ association has also demanded financial incentives to meet logistics related challenges in the budget and reduction in income tax on partnerships and LLPs to support MSMEs. According to FIEO, the export sector is facing serious problems due to rising freight costs and dependence on global shipping companies.

The federation has called upon large Indian companies to build an Indian shipping chain of global standards. Ajay Sahai, Director General, FIEO, said, “Foreign markets remain a major challenge for exporters, especially MSMEs. For internationalization, we need to bring a double tax deduction scheme with an income limit of Rs 5 lakh.

Sharda Kumar Sarraf, chairman, Technocraft Industries, said the government should expand the scope of the Refund of Duty and Taxes on Export Production (RODTEP) scheme to help export marketing. At present, there is a budget allocation of around Rs 40,000 crore for this, which is insufficient. Arvind Goenka, chairman of the Plastics Export Promotion Council of India, has suggested keeping the import duty on products made of plastic to be at least five per cent higher than that of polymers.

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