Mr Sanjay Budhia, President, Indian Chamber of Commerce, in a statement, has emphasised the need for special measures not only to arrest the decline in exports but also to reverse the trend. The relief measures, according to him, should include, among others, increase in drawback/ DEPB rates minimum by 5 percentage points across all sectors, removal of 7 per cent ceiling on export credit, withdrawal of retrospective amendment of Section 80HHC, protection of exporters taking forward cover on export sales from the loss suffered due to exchange rate fluctuations, reintroduction of market development assistance schemes. He also appealed to the Railway Minister for creation of a steel hub in the eastern region, early completion of the Ludhiana-Howrah dedicated freight corridor and reduction of freight on key commodities.
Source : The Business Line