NEW DELHI: Welcoming the package of new measures for boosting exports
and the housing sector announced by Finance Minister Ms Nirmala
Sitharaman, FICCI President Mr Sandip Somany said, "These new measures
will provide much-needed stimulus to boost the Indian economy that is
now facing the slowdown".
Mr Somany expressed confidence that the new initiatives of
export-related incentives, finance, credit and facilitation will help in
achieving a turnaround in our exports which have declined by 6% in
August. "The new scheme for Remission of Duties or Taxes on Export
Product (RoDTEP) that will be effective from 1 January 2020 will go a
long way in addressing the problem of non-compliance of our export
promotion scheme. Fully automated electronic refund module for Input Tax
Credits (ITC) in GST will speed up the ITC refund and ease the problem
of working capital for exporters. Expanding the scope of Export Credit
Insurance Scheme, moderation in premium incidence for MSME, and revised
Priority Sector Lending (PSL) norms for Export Credit are also
encouraging features of the new package," said Mr Soman
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