CII's nine-point agenda on reversing the exports downtrend
The Confederation of Indian Industry (CII) yesterday submitted its nine-point agenda on reversing the exports downtrend to Mr. Kamal Nath, Minister of Commerce & Industry, and Dr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission.
1. Setting up of a committee under Chairmanship of the Prime Minister to examine the losses faced by Indian exporters in currency derivatives. "Exporters have lost over 2,000 Crore rupees in these currency derivatives, it is important that we resolve this issue amicably on a no profit - no loss basis.
2. Second, withdrawal of retrospective amendment of Section 80 HHC. The retrospective amendment of section 80 HHC has made exporters with a turnover of more than Rs 10 Crore, liable to pay income tax retrospectively from April 1998.
3. Enhancement of Duty Entitlement Pass Book (DEPB) rates by 5% across all sectors.
4. Additional 2% interest subvention and removal of 7% ceiling on export credit.
5. Subsidisation of Export Credit Guarantee Corporation (ECGC) cover charges.
6. Exemption of service tax on certain engineering goods.
7. Zero duty on EPCG.
8. Elimination of compensation fees under advance authorisation scheme.
9. Additional benefits under Focus Market Scheme.