FIEO SEEKS HIGHER ALLOCATION FOR MAI, AEPC SINGLE GST ACROSS MMF CHAIN

Ahead of the Interim Budget 2024, Indian exporters have sought from the Finance Ministry, budgetary support for conducting research and development (R&D) activities through tax exemptions, development of a global shipping line of India to optimise transport service charges, increased allocation for Market Access Initiative (MAI) scheme, financial outlay for the District as an Export Hub (DEH) scheme and extension in sunset clause for new manufacturing companies till 31 March, 2027

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The proposals put forward by the Federation of Indian Export Organisations (FIEO) for FY2024-25 come amidst the apex trade body’s growing concern over the slowdown in India’s outbound shipments reflecting in the marginal increase of 1 per cent in India’s exports of USD 38.45 billion in the month of December and decline of 5.7 per cent in exports to USD 317.12 billion during AprilDecember of FY24. India’s merchandise exports in December 2023 registered 0.96 per cent growth over USD 38.08 billion in December 2022.

President (officiate) of FIEO Israr Ahmed pins down the cause to rising geo-political uncertainties, logistics challenges, slow global economic recovery and demand even as the Ministry of Commerce and Industry expresses optimism over India’s overall exports, combining merchandise plus services, posting a positive growth of 16.11 per cen in April-December 2022 over the same period in 2021, on the back of a sustained domestic demand