GROW EXTERNAL TRADE

Exporters say the Budget should have measures to boost their business

COMMERCE MINISTER Piyush Goyal has set an ambitious target of $1 trillion for both merchandise and services exports by 2030. While Goyal has thrown light on the feasibility of achieving this target on various platforms, what exporters will look for in this year’s Budget are some announcements that can help boost exports and trade. In order to give a fresh impetus to Make in India, Pradeep Multani, President, PHDCCI says, “As raw material prices have increased significantly during the last one year, we suggest that on raw materials for manufacturers, the applicable basic customs duty needs to be reduced by 50 per cent.” This would also make domestic manufacturers more cost-competitive, he adds. According to Rumki Majumdar,

Associate Director and Economist with Deloitte Shared Services India, the government should emphasise on cross-border trade and investments. “With several FTAs queued up in the near term, the focus must be on short-term as well as long-term measures to boost exports from and encourage FDI in sectors where India has a competitive advantage. Competitiveness will require efficient import and export regulations, and the government must address issues that hinder trade growth,” she says. In order to boost trade and exports, Ajay Sahai, Director General and CEO, Federation of Indian Export Organisations, suggests that the government should announce some measures to support MSMEs in doing overseas marketing. “Many countries are providing tax deduction for overseas marketing… the government should look into supporting MSMEs,” he says, adding that it should also address the shortage of containers by encouraging container manufacturing in the country. Sahai adds that an Indian shipping line of global standards should also be developed.