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Union Budget 2023 | Exporters seek development funds, incentives & more

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Union Budget 2023 | Exporters seek development funds, incentives & more

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In the pre-budget meeting with the union finance minister, FIEO requested for several pro-exporter steps from the upcoming union Budget. Among the numerous demands, is an export development fund with a corpus of a minimum 0.5 percent of the preceding years exports, and fiscal support to units that provide additional employment at the export sector.

The Federation of Indian Export Organisation (FIEO) has sent its list of recommendations to the finance ministry ahead of the Budget. In the pre-Budget meeting with Union finance minister Nirmala Sitharaman, FIEO requested several pro-exporter steps.

Among the numerous demands is an export development fund with a corpus of a minimum 0.5 percent of the preceding year's exports, fiscal support to units which provide additional employment in the export sector and restoration of interest equalisation benefit of 5 percent to MSMEs and 3 percent to 410 tariff lines which existed prior to October 2021.
Stating that the cost of credit crossing pre-COVID levels was adversely impacting exporters, FIEO  has sought tax and fiscal incentives to the private sector to help set up global Indian shipping lines to exploit the ready market available.
The exporter's body has also asked for a 200 percent tax deduction on the expense incurred by exporters on overseas marketing to help showcase Indian products overseas as well as a GST refund to foreign tourists at airports to help exports of handicrafts, non-precious jewellery, textiles, kadhi, and leather.
It remains to be seen to what extent the demands will be agreed upon by the Union finance ministry.
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