India Inc. welcomes trade incentives

Thursday, 29 January 2004, 08:00 Hrs
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NEW DELHI: Indian industry Wednesday hailed the slew of trade incentives announced by the government, saying the move would give a major boost to exports in the years ahead.

"The measures will give a boost to exports, in particular the service sector exports," said Anand Mahindra, president of the Confederation of Indian Industry.

"The steps are aimed at reducing transaction costs and at the same time bringing in transparency in the system.

"They would reduce hassles for exporters in complying with unnecessary regulations and procedures, and thus free up energies to work on marketing, service and product development," he said in a statement issued here.

The Indian government Wednesday unveiled a slew of trade incentives, including free import of gold and silver and duty-free import of select equipments, in a fresh round of sops ahead of the general election.

The move was aimed at boosting Indian exports, badly hit in the current fiscal due to appreciation of the rupee against the US dollar.

Mahindra said the incentives were an "important and continuing part" of the overall economic agenda and thrust on exports.

Mahendra Sanghi, president of The Associated Chambers of Commerce and Industry of India, said the measures would provide exporters and importers a level playing field.

"The incentives will enable them to face the challenges of global competition, as several of these measures will reduce the transaction cost and provide newer opportunities to export or import products," he said.

Welcoming the announcement, Ravi Wig, president of the PHD Chambers of Commerce and Industry, said initiatives such as introduction of e-governance and digital signature would greatly help in reducing transaction costs.

Source: IANS
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