Leveraging technology, aiding economy, FinMin slates measures to raise exports but reduce export time

News Bharati    14-Sep-2019
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New Delhi, September 14: Way ahead to boost the exports and the manufacturing sectors aligned, Finance Minister Nirmala Sitharaman on Saturday announced significant measures for housing and international trade borough that are being periodically formulated based on nationwide consultation.
 
"Government is working to reduce time to export by leveraging technology further; Action Plan to reduce turn around time at airports and ports benchmarked to international standards are to be implemented by Dec 2019 and Inter-Ministerial group is set up to monitor this", she said in a move to reduce the ecport time.
 
 
The Ministry of Finance however also slated to expand the scope of ECIS and offer higher insurance cover to banks lending working capital for exports. "This would cost Rs 1,700 crores per annum to the government", she said.
 
Further on Free Trade Agreements, FM Nirmala Sitharaman announced that the government was to set up FTA Utilisation Mission headed by a senior officer in Dept of Commerce, to work with FIEO and export houses to utilise concessional tariffs in each FTA.
  
Meanwhile, she revealed that there would be removal of human interference in tax assessment, which would be completely automated. "The assessment unit will be anonymous", she said.
 
In another measure to boost exports, Nirmala Sitharaman announced that there shall be time bound adoption by industry of all necessary mandatory technical standards. "Effective enforcement will elevate quality and performance, enhance competitiveness and address issue of sub-standard imports", said the FM.
Referring to the earlier made announcements, Sitharaman said that the signs of revival were very encouraging, annual fixed investment rate was going up and inflation had been kept under 4 per cent. "Partial credit guarantee scheme for banks benefitted 7 Non-Banking Financial Companies so far", she said.