Govt plans new sops to revive exports
“I have said that we are finding it difficult... But we will make every possible effort.It is an imperative for us to give a determined push to India’s exports because both the internal economy and trade account, current account and the value of the currency all are interlinked. That is why it becomes a matter of priority and concern for us when there is a sharp contraction,” Sharma told reporters while announcing the relief measures.
Faced with a widening trade deficit, the government has extended the 2 per cent interest subvention scheme till March 2014. The scheme was to end by March 31, 2013. Apart from specific labour-intensive sectors like handicrafts, carpets, handloom, and readymade garments, the scheme has also been extended to a few sub-sectors of engineering sector, which saw a decline of 6.59 per cent during the April-November period.
Further, the government has also decided to “grant incentive on incremental exports made during the January-March 2013 period over the base period of January-March 2012,” Sharma said. The incentive would be available at the rate of 2 per cent on the incremental growth of exports made to the US, EU and Asian countries. “With these measures we should be able to
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