File picture of Commerce and industry minister Piyush Goyal
NEW DELHI: Commerce and industry minister Piyush Goyal on Tuesday asked his team to seek an early payment of exporters’ dues from the finance ministry, while looking at ways to help businesses raise funds against these dues. An option being explored by the commerce department, is to accept applications from exporters for the now-defunct Merchandise Exports from India Scheme (MEIS) so that traders can avail of loans against the outstanding amount and get some liquidity.
The revenue department has been sitting on refunds for over a year apart from not paying exporters under the new Remission of Duties and Taxes on Export Products (RoDTEP) scheme that was launched in January. But even four months later, the government is yet to notify the rates resulting in around Rs 15,000 crore of duty refunds pending with the Centre. Some estimates suggest that close to Rs 50,000 crore of MEIS payments are also due. Similarly, payment
Order books encouraging, expect healthy growth rate to continue: Exporters
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Last Updated: May 03, 2021, 03:02 PM IST
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Synopsis
Federation of Indian Export Organisations (FIEO) President S K Saraf said that in most of the states , manufacturing and exports related services have been exempted from the restrictions and inter-state movement of cargo is permitted by the central government.
Agencies
India s exports in April jumped nearly three-fold to USD 30.21 billion on account of healthy growth in key sectors
Indian exporters are expecting continuous growth in the country s outbound shipments despite increase in COVID-19 cases as their order books are encouraging and there is a pick-up in demand in rich markets.
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Read more about Amid Covid-19 pandemic, exports could come as a saviour for India on Business Standard. The global trading environment is very encouraging, as developed countries have increased the pace of vaccination and are reporting lesser numbers of infections
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