business-india-news

Export growth is loosing momentum: CII

Kolkata, Jan 11 : The Confederation of Indian Industry (CII) has said that the December 2013 trade deficit for India came in at USD 10.14 billion versus USD 17.19 billion in the same month last year.


The reduction was driven by a 15.25 percent fall in imports, which came in at USD 36.49 percent, while exports grew by 3.5 percent to USD 26.35, though exports rose 3.49 percent from year-earlier levels to USD 26.35 billion, but it seems to have lost momentum as exports had been growing at a double-digit rate until October, Sanjay Budhia, Chairman, CII National Committee on Exports said.

"The economic conditions in the US and the euro zone are not very favorable for exports and we hope the Indian government will help the exporters by providing help by way of including more products and countries for Focus Product Scheme and Focus market Scheme, where we have a comparative advantage," said Budhia.

He said, "Also, we need to relook at the duty drawback rates. These measures should be addressed on a priority basis as it will give the necessary push to the industry and help them reach the export target."

Budhia said that the cost of credit is becoming higher as funds for export is available at higher cost.

Timely refund from schemes like Duty Drawback, Excise Rebate and VAT Refund will release the funds and ease the liquidity, he noted.

--IBNS (Posted on 11-01-2014)

business-india-news headlines

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

AGP launches talent division

Hotel Sahara Star honoured with award

eBay, CAIT partner to benefit Indian traders

Wipro ups IT revenue forecast for first quarter

Germany's SCHOTT cleared of anti-competition charges

Wipro net up 41 percent in Q4

Sensex up 352 points; IT, bank stocks gain

100 companies to take part in India Show in Hong Kong

Sensex surges 352 points; IT, banks jump

Global crude oil price increases to $ 107.50 per bbl

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top