Commerce and Industry Minister Suresh Prabhu on Wednesday said he is closely working with the finance ministry and Niti Aayog for resolving exporters’ issues to boost shipments and generate jobs. Prabhu said that ensuring growth of exports is the priority of the ministry.
“We are working closely with exporters to address their concerns. We are working in close collaboration with the Finance Ministry to address issues of exporters.”
“Addressing blockage of working capital, speeding up refunds of taxes paid by exporters and making incentives for exporters more attractive,” he said in a series of tweets. The minister added that they are working closely with Niti Aayog to devise strategic roadmap for generating employment through exports.
The country’s exports recorded a double digit growth of 10.29 per cent after a gap of three months to USD 23.81 billion in August, mainly on account of rise in shipments of chemicals, petroleum and engineering products.
The commerce ministry is also holding consultations with exporters to review the foreign trade policy.
These statements assumes significance as exporters have asked the government to fast-track the refund process of the Goods and Services Tax (GST) to avoid further deterioration in their “liquidity situation”.
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that if refund does not start flowing immediately then about Rs 60,000-65,000 crore would be stuck by the end of October.