New Delhi (PTI): Extending interest subsidy till September in the interim Budget has failed to cheer exporters as their apex body FIEO on Monday warned of more layoffs unless the Centre announces immediate steps to help the sector.
The Federation of Indian Export Organisations (FIEO) is demanding several measures including increase in the rate of duty refund, income tax exemption on net foreign exchange earning, and abolition of fringe benefit tax.
"If the measures are not announced by the month end, employment loss in the export sector will accentuate further," FIEO President A Sakthivel said.
The FIEO has said that 10 lakh people would lose jobs by March as export orders have dried up in the US and Europe, the major markets for Indian products.
Echoing similar views, the Apparel Export Promotion Council, which had met Planning Commission Deputy Chairman Montek Singh Ahluwalia early this month, said the job situation in the sector would get worse.
"If the government does not announce measures in the next few days the job scenario in the sector is set to worsen," AEPC Chairman Rakesh Vaid said.
Source : The Hindu