News

FIEO plea to Sinha to reduce mounting credit rates
The Federation of Indian Exports Organisation (FIEO) appealed to Finance Minister Yashwant Sinha to reduce mounting credit rates. FIEO president Ramu S Deora expressed fear of exporters about the new working draft of Income Tax Bill 1997 which, if implemented, could further dilute the only incentive that is available to them through section 80 HHC and other related sections, he added. The FIEO chief was confident that exporters would recover export momentum, but achieve an export growth of 25 per cent to 30 per cent per annum from this year onwards. In order to cope up with the increasing demand of the export sector, banking sector needed to be upgraded substantially, Deora said. Currency turmoil was yet another factor which affected exports. He appreciated the revised exim policy, saying it was a big jump in reducing bureaucratic and procedural hurdles for exports.