Online edition of India's National Newspaper
Thursday, Oct 11, 2007
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Online edition of India's National Newspaper Thursday, Oct 11, 2007 ePaper |
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Tamil Nadu
Interactive session: The Director General of Foreign Trade, R.S. Gujral, speaking at the exporters’ meet in Tirupur on Wednesday. Commissioner of Customs, Coimbatore, C. Rajendran (right), and Tirupur Exporters’ Association president A. Sakthivel are seen in the picture. — TIRUPUR: Following appreciation of rupee against the US dollar, the Director General of Foreign Trade (DGFT), R.S. Gujral, has asked his field officers to find out whether it had any impact on closure of any factory or leading to job cuts.The study will be completed in a week. Speaking at an Open House at Tirupur Exporters’ Association here on Wednesday, Mr. Gujral said a study, which was conducted in July, had indicated that some export orders had foregone. There was a decline in exports in seven sectors, including apparel and tea, while moderate cut in growth rate in several other sectors in August. The Commerce Ministry had suggested cut in interest rates by four per cent two months ago to help exporters who were hit by the strengthening of rupee. However, the Finance Ministry had agreed to cut two per cent interest rate on export credit. “As the rupee appreciated further, we requested the Ministry to consider our suggestion to cut interest rates,” Mr. Gujral said. He said Indian exporters should have an access to the interest rates that are close to international interest rates. “Cut in interest rates would help exporters in reducing their production cost and remained competitive in the market. We will take up the matter with authorities concerned,” he remarked. On the plea to exempt exporters from paying Service Tax (ST), Mr. Gujral said that exporters were already exempted from paying such tax in seven categories. He said that there are several services that are directly linked with exports still not exempted. “We are having discussions with the Finance Ministry. As many services, which directly connected with exports will be exempted,” he said. The DGFT asked the exporters to find out innovative ways to produce quality niche products, which would give them bargaining power. The exporters should also be abreast on hedging their risk. C. Rajendran, Customs Commissioner, Coimbatore, promised exporters an efficient, honest and transparent tax administration. TEA president A. Sakthivel wanted interest rates brought to six per cent and exporters exempted from paying ST and Fringe Benefit Tax.
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