Relief package for exporters being drafted

November 21st, 2008 - 9:58 pm ICT by IANS  

New Delhi, Nov 21 (IANS) A special relief package to prop the export sector is expected to be presented to an apex committee chaired by the prime minister by the weekend, Commerce Secretary G.K. Pillai announced here Friday.”The committee of secretaries has had detailed discussions with the various export sectors and we hope to finish the exercise by Monday. By the end of the week the export relief package would be presented to the apex committee for its approval,” Pillai said.

The relief package will factor in the difficulties being faced by exporters and the fallout of the global financial crisis, the worst of which is expected to be felt in March-April next year.

Pilla urged exporters to bring to the notice of the finance and commerce ministries those bank branches that were hesitant or unwilling to lend, despite explicit instructions from the central Reserve Bank of India.

He said a meeting of chief ministers has been convened in the first week of December to discuss issues relating to the export sector and expediting the payment of dues to the industry, including refund of value-added tax (VAT).

The commerce secretary said the government would be sympathetic to employment-intensive sectors such as textiles, gems and jewellery and handicraft.

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