Centre to reduce export transaction costs: Scindia | SupportBiz

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Centre to reduce export transaction costs: Scindia

Jyotiraditya Scindia, Minister of State for Commerce and Industry, stated that the Centre is in the process of implementing various measures to reduce the cost of export transactions. SME Times reports that the announcement was made by Scindia in response to a query in the Lok Sabha.

These measures are being undertaken as a part of the recommendations made by a Task Force after consulting with experts from different industries in the country as well as industry bodies like The Federation of Indian Export Organisations (FIEO) and the Confederation of Indian Industry (CII).

Scindia stated that the Task Force had suggested 44 measures to reduce the export transaction costs – which are, presently, roughly about seven to 10 percent of the export value.

He stated that the Centre has successfully implemented 23 of the 44 measures suggested by the Task Force, leading to a reduction in the export transaction costs by INR2,100 crore perpetually.

Stressing that the Centre is constantly attempting to reduce business operation costs by simplifying processes, Scindia stated: "Certain steps taken to improve transparency, accountability and simplification of export process include broadening the scope of Electronic Data Interface (EDI) usage, strengthening EDI interfaces with various network partners i.e. Customs, Banks and Export Promotions Councils, laying down time-lines for disposal of various authorisations in the Handbook of Procedures of the Foreign Trade Policy, etc."

Source: SME Times


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