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India prepares to address exporters’ concerns

India’s Union Minister of Commerce & Industry, Suresh Prabhu has assured that the Centre will work to revitalize India’s exports. The statement was made by the minister at Export Summit 2018, organized by Confederation of Indian Industry (CII) in New Delhi on December 26.

A decline in credit availability will also be addressed. The matter of unavailability is now with the Finance Ministry and RBI. Prabhu said that that he will himself elucidate the RBI to keep credit to export as Priority Sector Lending.

The package would lay thrust on labour-intensive sectors such as leather, textile, garment and marine products as it would boost up the employment opportunities in these sectors.

Refund of Goods and Services Tax (GST) will also be considered . The introduction of e-wallet mechanism for the exporters can also be thought of, Prabhu said.

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