Govt forms panel to review export barriers amid global trade woes: Focus on customs duties, GST, incentives
goods and services tax
and export clearance procedures on India's outbound shipments amid a challenging global environment.
The committee, comprising senior officials of the ministries of commerce and industry, and finance among others, and trade bodies, will propose solutions to ease documentation, customs processes, port clearances and logistics, officials said.
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"The committee will look at export-related tax structure and customs clearances for all geographies and see where all easing can be done," said an official.
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India's June goods exports reduced 0.05% year-on-year to $35.14 billion, a seven-month low, while imports fell 3.71% to $53.92 billion, leaving a
trade deficit
of $18.78 billion compared with $20.84 billion in June last year.
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Besides examining the tax and export clearance issues faced by the domestic manufacturing industry, the committee will also identify challenges, study global best practices and propose reforms to streamline export processes. sThe committee has been set up amid the US slapping 50%
tariffs on India
and the government working on a three-pronged strategy to face the onslaught.
Trump on Wednesday signed an executive order doubling the tariffs on US' imports from India to 50%, the highest on any country and at par with Brazil, in a move marking an escalation of trade tensions between the two countries.
While the initial 25% duty came into effect Thursday, the additional 25% is effective August 27.
India's plan includes offering tailor-made schemes under the proposed
Export Promotion Mission
to help the impacted sectors, diversion of goods to other geographies and identifying products with fewer export orders that can be diverted to meet the domestic demand.
The commerce and industry ministry has urged exporters to build and promote homegrown brands for coping with the steep tariffs.
It is also working on a ₹20,000 crore long-term plan by September to shield exporters from global trade uncertainties and fluctuations, by facilitating easy access to export credit and tackling non-tariff barriers in overseas markets, under the new Export Promotion Mission.
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