Key Points
The Federation of Indian Export Organisations (FIEO) Thursday urged the government to consider developing a global shipping line in partnership with the private sector and has sought tax incentives for research and more funds for marketing activities, in the upcoming Budget 2024-25 to boost manufacturing and the countrys outbound shipments...
To encourage more investment in the manufacturing sector and exports, the interim Budget may extend the sunset date for commencing manufacturing from March 31, 2024, till March 31, 2027, for companies availing 15% concessional income tax rate, the apex body of exporters said...
It also highlighted that Indias outward remittance on transport services is increasing with rising exports and the country remitted over $80 billion as transport service charge in 2021..
For promoting Research and Development (R&D) in the country, weighted tax deduction can be increased to 200%, it said.. Unfortunately, India's spending on R&D (less than 1% of GDP) is well below that in major nations such as China (2.43% of GDP), US (3.46%), Korea (4.93%) and Israel (5.56%), Ahmed said...
He said that aggressive export marketing is required to showcase Indian products and services to the global customers and for that more funds are required under the Market Access Initiative (MAI) scheme, and emphasised on the need for the creation of a corpus for the scheme...
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