Panda says some incentives to support exports would have been timely
FIEO President Dr A. Sakthivel has welcomed the Rs.200 crore allocation for Market Access Initiative (MAI) scheme in Budget 2023-24 but was quick to point out that this may not be adequate as the global trade shows are increasingly giving opportunities for showcasing which needs to be exploited
He reiterated that a planned scheme for aggressive overseas marketing may be notified with a sizable corpus to encourage exporters to showcase globally.
The Budget 2022-23 had allocated Rs.160 crore for the scheme.
The 23% increase in the Interest Equalization Scheme allocation to Rs.2,932 crore in 2023-24 from Rs.2,376 crore in 2022-23 will help in supporting exports particularly by MSMEs and may result in increasing the subvention support as demanded by the exporters in view of rising interest rates, observed FIEO Chief.
He has also called for a revamped Transport and Marketing Assistance (TMA) scheme looking into the supply side disruptions and logistics challenges.
Dr Sakthivel also appreciated the launch of Agri Accelerator Fund for Agri Start-ups and Innovators in the rural areas, setting up of Indian Institutes of Millet and special window under PM Matsya Sampada Yojana for pushing agriculture exports.
“We laud the Government’s promise to make India’s exports competitive given that a slowdown in growth globally could have an impact. In this context, some incentives to support exports would have been timely,” FICCI President Subhrakant Panda said in comments on the Budget presented in parliament on 1 Feb 2023.
He noted the Government’s commitment to ensuring excellence in skill development of Indian youth through a focus on industry-ready training. fiinews.com
