Economic Survey 2013: Urgent attention requires on infra, taxes to boost exports
to be reduced to the barest minimum. Other procedural and documentation reforms include reducing unnecessary paper work and addressing the issue of trade litigations, it said.
It also said that time limit should be fixed for disbursal of duty drawback, service tax refunds and central excise rebate claims to the exporters as delays adversely affect the
working capital and making them less competitive.
The survey asked to review the inverted duty structure under the India-Thailand FTA as finished jewellery imports from Thailand are cheaper than primary gold (raw material) available in India.
Further, it said India needs to diversify its product basket besides repositioning itself in its traditional areas of strength like textiles and leather to overcome from the global demand slowdown.
It said many challenges are there for India on the trade front.
"While India has successfully diversified its export basket, more needs to be done on the product diversification front. It also has to reposition itself in its traditional areas of strength like textiles and leather manufactures where it has lost considerable ground," it said.
The survey called for forays into new areas to boost India's exports as the prospects for world trade and India's trade are still uncertain.
"Some green shoots seem to have appeared with the import growth rates of the world and some of India's important trading partners like the USA, China, and Hong Kong showing slight upward movement in the last two months," it said.
It also said that with multi-lateral trade negotiations stalled and regional trade agreements (RTAs) on the
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