E-platform to Enable Small-scale Manufacturers to Find Overseas Buyers
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11/28/2014 Government may consider e-platform to enable small-scale manufacturers to find overseas buyers - Economic Times
http://articles.economictimes.indiatimes.com/2014-05-15/news/49873484_1_services-exports-e-commerce-platform-fieo 1/3
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Government may consider e-platformto enable small-scale manufacturersto find overseas buyersDilasha Seth, ET Bureau May 15, 2014, 04.55AM IST
NEW DELHI: In order to boost exports, government couldconsider an e-commerce platform to enable small-scalemanufacturers to find overseas buyers.
The five-year foreign trade policy (FTP) 2014-19,which willbe announced after the new government takes over, couldalso look at ways to give a thrust to services exports, andgo big on 'Made in India' branding initiatives. "We areexploring to push exports through an e-commerce platform.It has its complexities, but we will try to work that out. Thiswill definitely open up avenues for small exporters andmanufacturers," said a commerce department official.
India's outbound shipments touched $312 billion in 2013-14, registering a 3.96% growth over the previousfiscal but missed the annual target of $325 billion for the second straight year. Exports fell slightly short ofthe $330 billion estimated during the five-year period.
The government is also open to considering a long-term export target as suggested by the apex exporter'sbody FIEO.
In its presentation to the government, FIEO has recommended a target of $750 billion exports by 2018-19."Rather than setting annual targets, it is a better idea to work on a long-term export target while having mid-term sectoral trade reviews," the official said.
FIEO has also recommended the use of e-commerce platform, which can be used both for business-to-business and business-to-customer transactions.
"There will be a need to define e-commerce-led retail exports in the FTP. These must be exempted fromVAT, CST and also be allowed duty drawback and other export benefits," said FIEO director-general AjaySahai.
The worldwide e-commerce sale has reached over $960 billion, growing at nearly 20%.
The FTP is also expected to include identification of markets, providing branding assistance, assessingneed for a free trade agreement with a particular country or a specific package for exporting high-valueproducts to countries such as the US, the official said.
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11/28/2014 Government may consider e-platform to enable small-scale manufacturers to find overseas buyers - Economic Times
http://articles.economictimes.indiatimes.com/2014-05-15/news/49873484_1_services-exports-e-commerce-platform-fieo 2/3
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Indian exports clocked a compounded annual growth rate of 17.2% between 2003-04 and 2013-14. However,the compounded annual growth rate came down to 11.01% between 2008-09 and 2013-14, FIEO noted in itsreport.
The other items on the policy could be adoption of higher standards, promotion of currency trading andservices exports.
"In the current FTP, there is no focus on the services sector. When we are earning $148 billion from servicesexports, there is no reason why there shouldn't be special incentives for services exports," commercesecretary Rajeev Kher had told ET on an earlier occasion.
FIEO has suggested an extension of the 3% interest subvention scheme to the services exports sector forMSMEs (micro, small and medium enterprises) to begin with. Services exports have just one scheme atpresent - Served From India Scheme - where service providers are entitled for a duty credit scrip.
FIEO has also recommended creation of an export development fund with a corpus of a minimum 0.5-1% ofthe preceding year's exports. In order to replenish the fund, FIEO has suggested a cess of 0.25-0.5% ofexports on raw material exports, with a similar contribution by the government.
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11/28/2014 Government may consider e-platform to enable small-scale manufacturers to find overseas buyers - Economic Times
http://articles.economictimes.indiatimes.com/2014-05-15/news/49873484_1_services-exports-e-commerce-platform-fieo 3/3
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