NEW DELHI: The government will review the impact of the stimulus packages on the export sector at a high-level meeting on January 21, which has been convened on Prime Minister, Mr Manmohan Singh's instructions.
The meeting is likely to be attended by the Commerce Minister Mr Kamal Nath; Planning Commission Deputy Chairman Mr Montek Singh Ahluwalia; Cabinet Secretary Mr K M Chandrasekhar and secretaries of the finance and commerce ministries.
The minister and officials would directly interact with the exporter community to assess their difficulties arising out of the recession in major global markets such as the US, Europe and Japan.
While pointing out the unprecedented steps taken in the packages to help the export sector, the Prime Minister yesterday said, “I recognise that they do no take care of all the problems.”
In the two stimulus packages announced on December 2008 and January, the government has extended the Duty Entitlement Pass Book scheme for refund of taxes till the end of this year and has enhanced the duty refund rates, among other measures.
After showing a handsome growth of 30.9 percent for the first-half of the fiscal, India's exports slipped into the negative territory. Exports decelerated by over 12 per cent in October 2008.
Expressing disappointment over the packages, the Federation of Indian Export Organisations has warned of huge job losses and missing of the $200 billion export target for this fiscal, unless the government gives provides sops.
So far, over seven lakh workers have been laid off in the textile industry, while one lakh people have lost jobs in the gems and jewellery sector. - PTI
Source : Business Line