Mangaluru: Walter D’Souza, Southern Regional Chairman of Federation of Indian Export Organisations, while commenting on the Union Budget 2015-16 appreciated the Hon’ble Union Finance Minister Arun Jaitely for his approach to accelerate the country’s GDP and economic development. “It is imperative for emerging economies to adopt measures to change fundamentals, facilitate external adjustment, further monetary policy tightening and carry out structural reforms. The budget announced by the Finance Minister has made an attempt to address these areas, which is a good beginning,” D’Souza said.
D’Souza further said that the announcement of implementation of GST by April, 2016 if adhered to be in letter and spirit will go a long way in facilitating seamless trade-flow. Investment in infrastructure of Rs 70,000 crores and further inflow of Rs 20,000 crores by way of a trust to leverage in investment will boost the infrastructure development of the country, which is the need of the hour. Setting up of National Skills Mission for skill development and entrepreneurship, Job creation through revival of growth and investment and promotion of domestic manufacturing and ‘Make in India’, reduction in number of levies, various stand alone proposals to maximise benefits to the economy, continuation of existing exemption notification for services provided by commission agents located outside India to exporters located in India are a few measures favouring growth in economy and exports.
However, D’Souza said it is unfortunate that the exporters’ request on exemption of service tax for exports; tax deductions on expenses incurred by the exporters on export marketing, continuation of interest subvention scheme atleast for further three years without any differentiation among the sectors and type of exporters has not been considered.