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

Minawala opens store in Mumbai

Motorola appoints Amit Boni to General Manager of India

RIL signs loan co-financed by JBIC

Sensex hits record high for third straight day

Franklin Templeton Investments to launch new fund scheme

Micromax launches Canvas Doodle 3

IFC focus on e-payment systems

Toyota India resumes operations as workers return

Tata Elxsi net zooms 239 percent in fiscal 2013-14

Yatra.com becomes Rajasthan Royals' Official Travel Partner

Cognizant acquires itaas

Networkplay enters into partnership with T3 IGI Airport

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