CII sets up 3 export councils

The export body, which may be headed by the prime minister or commerce minister, CII said, should cut across ministries to give a renewed thrust to exports.

CII president Rajesh Shah said the Exim bank should be accorded more freedom and autonomy. 8220;Revamping of the Export Credit and Guarantee Corporation ECGC is also necessary,8221; he said.

Targetting a 15 per cent growth in exports, he stressed on the need to build a strong quot;Made inIndiaquot; brand and suggested an increase in the corpus of the India Brand Equity Fund to Rs 500 crore.

Shah said the Centre in the immediate term should step up capital expenditure on infrastructure development from 5.5 per cent to 7-8 per cent of GDP and set up regulatory authorities, bring in economically viable tariff and monitor timely implementation.

He called for massive resource mobilisation through PSU reform, cutting expenditure, economic user charges, enhancing savings rate and introducing reforms at the state level. He strongly advocated a review of subsidy system which accounts for 14.5 per cent of GDP and phase out of non-merit subsidies which account for 10.7 per cent of the GDP.