1.   

RBI panel favours differential tax regime for exporters

Seeking to boost exports and bridge the ballooning current account deficit, a Reserve Bank of India (RBI) committee, on Monday, suggested a slew of measures such as introduction of differential tax regime, and increasing the scope of interest subsidy scheme for exporters. “The global trade environment may not improve in the immediate period. There is, therefore, an urgent need to boost India’s exports so that the trade deficit is narrowed down, and CAD stays within the projected cap,” the RBI said.

2.   

India seeks cut in trade distorting agriculture subsidies by US, European Union

Seeking to promote export of farm produce, developing nations including India are pressing for reduction of trade distorting agriculture subsidies by the US and the EU, Parliament was informed today. "India and other WTO Members have been seeking reduction in trade distorting domestic support of both these Members in the agriculture negotiations under the Doha Round of trade negotiations in the WTO," Minister of State for Commerce and Industry D Purandeswari said in a written reply to the Lok Sabha.

3.   

Indian exports to Iran may touch $5 b in 2013-14

Indian exporters are hoping to increase shipments to Iran this fiscal by more than half to $5 billion as both countries have stepped up efforts to expedite deals to offset part of the oil payment owed to the sanction-hit country. In addition to exploring ways to increase banking channels, look at joint investment opportunities and firm up credit lines, the Indian Embassy in Tehran and the Commerce Department are jointly sponsoring an India Show in Tehran in October.

4.   

Steps needed to boost small units' exports: FISME

The phasing out of the Duty Entitlement Pass Book (DEPB) scheme has hurt exporters' ability to compete, according to the Federation of Indian Micro and Small & Medium Enterprises (FISME), in a submission made to the inter-ministerial committee on 'Accelerating Manufacturing in MSME Sector' as well as to the Union finance secretary. FISME said the Advance Licence route is not workable in the case of MSMEs, while the Duty Drawback scheme is too cumbersome and time-consuming for them to claim refunds.