Nirmala Sitharaman said that Government will extend incentives to boost exports from India

Nirmala Sitharaman said that Government will extend incentives to boost exports

June 20, 2016
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In order to boost exports from India, Hon Minister Nirmala Sitharaman has said that government will extend incentives to boost exports. May fall had been arrested and but picking of exports was slow so it is time to boost exports from India via extending the incentives to overseas shipments.
Minister also said that “I think from Now, it will show slow but steady rise”. Fall in exports stood at 0.79 percent to USD 22.17 Billion against USD 22.34 bn in May 2015  where the government has a lot to do to allow it to pick up. To boost exports, She said that government looking sectorally by means of interest subvention or any form of export incentives.
To add more reality to the growth data , India’s first two months of 2016-2017 (April-May) stood at USD 42.7 Billion compared to USD 44.4 Billion in the first two months of 2015-2016.
Eventhough there was a decline for 18th month in a row, 0.79 percent was the least percentage of decline from Dec 2014.

When asked about customs duty on Sugar:

She said that customs duty of 20% has been imposed on Sugar Exports inorder to improve domestic supply which is clocking at Rs 40 per kg. So far India has exported about 1.6 Miilion tonnes of sugar in 2015-16

When asked about Minimum Import Price (MIP) for steel:

She said that ministry would talk about it as in when the concern comes up. but experts say MIP for steel will stay the same until the early august and experts also suggest to use WTO compliant “Anti Dumping Duty” rather than MIP.

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