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Assocham calls for incentivizing IT sector to raise exports

By Religare
Assocham calls for incentivizing IT sector to raise exports
The apex industry body Assocham has urged the government to incentivize the country's IT sector to boost its exports growth as it continues to struggle with economic slowdown and rising global competition.

Assocham, in a communication addressed to the commerce and industry minister Anand Sharma said, "India's IT services sector witnessed 4.2 per cent growth in 2012-13, while our competitors in the sector like Russia and Philippines grew at a massive 69 per cent and 27 per cent respectively, the distinct slowdown in the sector may be attributed to sluggish economy but in face of noticeable increasing competition from abroad, it is imperative that IT industry must be incentivized towards increasing its export growth."

The industry body also proposed that government should provide incremental export incentive scheme to IT firms which have been looking to re-locate to India. It also proposed that software companies be granted fully tradable scrip of value equal to seven per cent of incremental exports over and above the previous year, which can be used for payment of any customs duty and the scheme should be extended for a five year period.

Dion Global Solutions Ltd.

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