‘Continued enhanced emphasis on exports like export infra need of hour’

New Delhi: World is looking at India and this is the moment to capture sizeable share. Hence continued enhanced emphasis on exports such as export infrasructure, Industrial Parks, reduction in inverted duty structure are needed in our efforts to make India the global power house in manufacturing and exports. Emphasis on digitisation and ease of doing business will integrate India with global thinking, Sanjay Budhia MD, PATTON International Ltd said on Tuesday.

Government has recognised that India’s global trade is going through difficult times because of multiple geopolitical tensions such as the latest Red Sea crisis, Russia-Ukraine war, etc resulting in contraction of demand and supply.

Further, Logistics cost have increased exponentially. Govt should consider carving out planned funds for developing export infrastructure such as inland container depots, upgradation of port infrastructure, warehousing facilities near ports, and expansion of road and railway facilities at key industrial hubs which will help in addressing some of the cost disadvantages faced by exporters, he added.

To off-set the cost disadvantages and improve competitiveness in manufacturing & exports, Govt. was giving interest subvention to exporters of 5 per cent , which has been now reduced to 3 per cent and extended only for 2 months, expiring on August 31, 2024. Also it is not applicable for all Exporters. Sincere request to reinstate the earlier rate for a long term so that we can factor in our cost calculation.

The announcement to set up E-Commerce Export Hubs under PPP mode for MSMEs and traditional artisans to sell their products in global markets should be brought into action as soon as possible. Budget is not a one-day event.

It is a Positive Pointer unveiling the growth agenda and unleashing the dormant growth potential of our Country and it’s

Citizens.