Authorities to Revise Export Procedures

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Aug. 13 – Authorities are expected to simplify export procedures and issue new incentives to help exporters cope with lower global demand.

The Commerce and Industry Ministry will issue the procedural changes to the policy that aims to cut down on costs and transaction time. “We are working out the allocations based on the funding sanctioned by the finance ministry,” a commerce department official said.

Export incentives for some industries already expired in March. The Commerce department is unsure whether it would extend incentives for textile exports since the industry’s export numbers remain good compared to handicrafts, leather and carpet exports that still report lower numbers.

“While there are countries in Europe like Germany and France that have recovered from the crisis, there are others that have defaulted and many more on the brink of default,” Director General of the Federation of Indian Export Organizations Ajay Sahai said, also adding that signs from the United States are not very positive.

India is also considering allowing more exporters to ship goods via self-certification rather than going through customs officials. Government incentives for the industry are usually 2 percent of export value for selected goods sold to specific countries.