Kolkata Director General of Foreign Trade (DGFT) on Friday said export projections for the current fiscal year are still being finalized while efforts are on to improve the ease of doing business to meet the government's target of achieving 2 billion dollars in exports by 2030. .
Total exports in FY24 were $778 billion, showing a marginal increase over the previous year's exports of $776 billion. The Federation of Indian Export Organizations (FIEO) has estimated that the country's total exports of goods and services for the current fiscal year could be around $890-910 billion.
"The export target for the current fiscal year is not finalized yet," DGFT Santosh Kumar Sarangi told reporters after interacting with exporters in Kolkata.
He said the DGFT office has submitted a proposal for extension of the Interest Equalization Scheme, which will end in June but it is yet to be approved.
The scheme provides export credit in rupees before and after shipment, and offers an interest equalization rate of 2 percent for exporting manufacturers and traders dealing in 410 specified export items, and a higher rate of 3 percent for MSME manufacturers that export under any of these articles.
FIEO Managing Director and CEO Ajay Sahai said the industry has been demanding that the interest equalization rates be restored to 3 per cent and 5 per cent.
"The rates were reduced when the RBI reduced the repo rate in the past, but now that the repo rate has increased by two per cent, we have demanded that the original rates be restored. The proposal needs to be approved by the Cabinet" . Sahai said.
When asked about the extension of Remission of Duties and Taxes on Export Products (RoDTEP) to SEZs, Sarangi indicated that it will be extended once they are integrated into the Indian Customs Electronic Portal (ICEGATE).
It is the national portal of Indian Customs under the Central Board of Customs and Excise (CBIC), providing e-filing services to trade, cargo transporters and other trading partners electronically.
The DGFT official also mentioned that the issues related to exporters with the Export Data Processing and Monitoring System (EDPMS), a platform used by banks in India to report export transactions, are due to technical glitches and They will be resolved in July.
Sarangi further said that the first phase of 'Trade Connect' e-platform for Indian exporters will be unveiled in the next three months.
This platform will contain all the information related to exports, markets, rules and regulations in one place. In the second phase, trade finance services will be integrated into the platform.
Total exports in FY24 were $778 billion, showing a marginal increase over the previous year's exports of $776 billion. The Federation of Indian Export Organizations (FIEO) has estimated that the country's total exports of goods and services for the current fiscal year could be around $890-910 billion.
"The export target for the current fiscal year is not finalized yet," DGFT Santosh Kumar Sarangi told reporters after interacting with exporters in Kolkata.
He said the DGFT office has submitted a proposal for extension of the Interest Equalization Scheme, which will end in June but it is yet to be approved.
The scheme provides export credit in rupees before and after shipment, and offers an interest equalization rate of 2 percent for exporting manufacturers and traders dealing in 410 specified export items, and a higher rate of 3 percent for MSME manufacturers that export under any of these articles.
FIEO Managing Director and CEO Ajay Sahai said the industry has been demanding that the interest equalization rates be restored to 3 per cent and 5 per cent.
"The rates were reduced when the RBI reduced the repo rate in the past, but now that the repo rate has increased by two per cent, we have demanded that the original rates be restored. The proposal needs to be approved by the Cabinet" . Sahai said.
When asked about the extension of Remission of Duties and Taxes on Export Products (RoDTEP) to SEZs, Sarangi indicated that it will be extended once they are integrated into the Indian Customs Electronic Portal (ICEGATE).
It is the national portal of Indian Customs under the Central Board of Customs and Excise (CBIC), providing e-filing services to trade, cargo transporters and other trading partners electronically.
The DGFT official also mentioned that the issues related to exporters with the Export Data Processing and Monitoring System (EDPMS), a platform used by banks in India to report export transactions, are due to technical glitches and They will be resolved in July.
Sarangi further said that the first phase of 'Trade Connect' e-platform for Indian exporters will be unveiled in the next three months.
This platform will contain all the information related to exports, markets, rules and regulations in one place. In the second phase, trade finance services will be integrated into the platform.
