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EEPC India seeks tax exemption on export income
July, 26th 2013

Engineering exporters today said they would approach the Prime Minister's Council on Trade and Industry seeking reintroduction of tax exemption on export income to boost competitiveness of Indian shipments in global markets.

"This (exemption) needs to be seriously considered if the government wishes Indian engineering exports to compete against Chinese manufacturers in the world market," EEPC Chairman Aman Chadha said.

EEPC India (formerly Engineering Export Promotion Council) was set up in 1955 under the sponsorship of Ministry of Commerce & Industry for export promotion of engineering goods, projects and services from India.

Engineering exports declined by 7.53 per cent in the first quarter of the current fiscal despite currency depreciation as the benefit was negated by the rising cost of production due to currency volatility, he said.

He said several countries were resorting to non-trade barriers and using anti-dumping methods to make Indian exports uncompetitive.

"This is a major worry as both USA and EU are now targeting Indian engineering goods. Earlier, raw materials like stainless steel bars and wires were targeted and now finished products like threaded rods are being also investigated," Chadha said.

He said: "We must also try to (use) counter dumping by restricting imports of these countries or at least investigating the exports of their products to India." PTI ; investors poorer by Rs 13,577 crore

Sent at 5:58 PM on Thursday babina.wahengbam: ------------ poli lead Poverty nos preliminary, BJP has no right to condemn: Shukla

New Delhi, Jul 25 (PTI) As controversy over poverty figures refuses to die down, government today said the latest estimates were just a preliminary assessment by an expert group and BJP has no right to condemn as population of poor has dwindled faster during UPA regime.

Planning Minister Rajeev Shukla also made it clear that the reduction in poverty would not mean benefits to fewer people as subsidy outgo would continue to serve over 67 per cent population of the country.

"Subsidy is no longer limited to the official poverty line and entitlement is wider," Shukla said, adding that the latest estimates were "not government's announcement or assessment".

Saying government has got something to do with poverty numbers is completely wrong, he said.

According latest estimates of the Planning Commission, the poverty ratio has declined by 15.3 per cent to 21.9 per cent in 2011-12 from 37.2 per cent in 2004-05 on account of increase in per capita consumption.

These estimates are based on a methodology suggested by a committee headed by renowned economist Suresh Tendulkar, which factored in spent on health and education besides calorie intake for tabulating number of poor.

Shukla said government had appointed a panel headed by Prime Minister's Economic Advisory Council's Chairman C Rangarajan to revisit the Tendulkar methodology and it is expected to submit its report by middle of the next year.

Taking BJP head on, he said during NDA regime the poverty numbers were less than 30 per cent based on a methodology which did not factor in expenditure on health and education.

The minister said that BJP members have no right to condemn the government over the poverty estimates as UPA rule saw decline in poverty by 2.2 per cent per year as against a mere 0.8 per cent in NDA regime.

 
 
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