TLI Staff
New Delhi: Amid slowdown in major advanced economies and geo-political crisis affecting trade, Engineering Export Promotion Council (EEPC) of India has proposed to the government to withdraw export duty on certain steel products, provide cheaper export finance to MSMEs and a dedicated production-linked incentive (PLI) scheme for the MSME sector among various other measures to boost exports.
The export promotion council has sent its suggestions to Commerce and Industry Ministry for consideration.
EEPC India has said that that MSMEs should be offered advances at a rate that would be lower than MCLR (Marginal Cost of Funds Based Lending Rate) and RLLR (Repo Linked Loan Rate) as export incentives are being phased out.
The council representing a large number of exporters accounting for nearly one-fourth of India’s total merchandise exports has also suggested to bring a clear set of guidelines for Rupee trade with Russia.
It has also requested the government to requested to review the rates under Remission of Duties and Taxes on Export Products (RoDTEP) and give full rebate on the taxes that still remain in the export production chain.
It has also recommended to include steel sector under RoDTEP as steel is the most widely used raw material in the engineering industry.