Page 46 - Chemexcil NEWS August - September 2017 for web
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tea exporting companies, but for now we foresee Hasmukh Adhia to review exporter-related issues
four quarters of disruption as the tea industry comes as a glimmer of hope.
would take one financial year to get used to the
new regime,” he said. However, some tax experts are sceptical of a
speedy resolution of exporters’ problems since
If this estimate is anything to go by, then it raises the commerce ministry (which frames FTP) and
serious questions about the future of smaller the finance ministry (under which the GST Council
exporters across sectors. Even if a smaller comes) have not worked together in the past on
exporter manages to deploy additional capital in such a unique issue.
the business, he may not be able to survive for
long without timely refunds. Labour-intensive If this newly formed committee fails to resolve the
sectors like gems and jewellery, leather and ready- aforementioned problems at the earliest, then a
made garments have suffered the most, first by revival in export growth will get more distant.That
demonetisation and now GST. would mean loss of foreign exchange earnings
and, most importantly, many jobs as well.
Amid the gloom, the GST Council’s decision to
form a committee headed by revenue secretary (Source:- http://www.livemint.com/Money/
KrifMLRnYcj7RRm8M03YnN/GST-opens-a-Pandoras-box-for-
exporters.html dated 12th September-2017)
24. AIRPORTS AUTHORITY OF INDIA UNDERTAKES CONSTRUCTION OF
INTEGRATED CARGO TERMINAL AT IMPHAL AIRPORT
Airports Authority of India will undertake con- fostering economic development of the region.
struction of Integrated Cargo Terminal at In addition to this, the EICT will help establish
Imphal Airport after obtaining grant-in-aid under better connectivity with South & Southeast Asia
Trade Infrastructure for Export Scheme (TIES) of and give a boost to trade between India and the
Ministry of Commerce & Industry, Govt. of India. ASEAN countries.
The Government of Manipur had planned to es-
tablish an Export Import Cargo Terminal (EICT) at The estimated cost construction of the cargo
Tulihal, Imphal Airport under ASIDE Scheme of the terminal is `16.20 crores. Out of this, the Ministry
Ministry of Commerce & Industry. of Commerce & Industry has sanctioned a grant
of `12.96 crores under TIES. The balance amount
The proposed Integrated Cargo Terminal is to construct will be met out of internal sources of
expected to give a boost to the export of AAI.
handicrafts items and perishable cargo. This will
also help generate employment opportunities in (Source: http://www.business-standard.com/article/
the North Eastern region of the country, thereby government-press-release/airports-authority-of-india-
undertakes-construction-of-integrated-cargo-terminal-
at-117091101306_1.html dated 12th September-2017)
25. AS INCOMES RISE, EXPORTERS PAY THE PRICE OF DEVELOPMENT
Per capita income above $1,000 for 3 years in a row, so subsidies have to end: WTO
NEW DELHI, SEPTEMBER 12: ganization (WTO), is that the country can no lon-
ger offer export subsidies, as its per capita gross
The good news is that India’s per capita income national income (GNI) has crossed $1,000 for the
has gone up, and stayed up.The bad news, go- third year in a row.
ing by a recent notification of the World Trade Or-
August-September-2017 44
