FIEO asks FM to hike duty drawback by 2% (India)
In view of the continuing and drawn-out economic recession, Federation of Indian Export Organisations (FIEO) President, Mr A. Sakthivel has requested Finance Minister, Mr Pranab Mukherjee to increase the duty drawback rate to help exporters to sail through the rough weather. The increase in the duty drawback rate by will help reduce exporters’ prices and impart competitiveness to their products.In a letter to Mr Mukherjee, the Federation chief wrote that the world trade is again witnessing rough weather and the global growth rate is likely to decline in the second half of 2010. Moreover, with massive investment flowing into India, the rupee is under constant pressure and has now touched a high of 45.60 to the US dollar.
In this background the reduction in duty drawback rates has come as a bolt out of the blue for export sector particularly those who are still showing negative or single digit growth and yet are exceedingly important for us from employment perspective.
“In view of this, FIEO Chief appeals for increase in duty drawback rates by 2% across the board for a limited period of one year which will help the exporters to sail through the rough weather by reducing their prices to impart competitiveness to their products.”
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