New drawback rates a big dampener for India's exports: CII

Posted By: Religare
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New drawback rates a big dampener for India's exports: CII
Expressing concern over duty drawback rates, the Confederation of Indian Industry (CII), on Thursday, said the new drawback rates is a big dampener for India's exports.

"Announcement regarding New Drawback rates which is going to be effective from 21 September 2013, is a big dampener for India's exports especially at this crucial time when we all are working towards increasing exports against all odds" said Sanjay Budhia, Chairman, CII National Committee on Exports and Imports, & Managing Director, Patton Group.

The new rates which have been decreased by more than 20-30 per cent will make it extremely difficult to export and in the interest of reducing the Current Account Deficit by enhancing exports government should reconsider reducing the rates, CII statement said.

Last week, Government had rationalised the duty drawback and brought more items under the scheme for tax refund to exporters to give a boost to overseas shipments.

Dion Global Solutions Ltd.

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