CII National Committee on Exports and Imports Chairman Sanjay Budhia said that the announcement of a Rs 1 lakh crore corpus for innovation with a 50-year interest-free loan for long-term financing, refinancing at no or nil interest rates will encourage the private sector to scale up R&D and innovation in sunrise domains and new age technologies.
“There is a reinforcement of continued thrust on exports. Announcement of three economic corridors, multi-modal connectivity, emphasis on additional airports, etc. and doubling the target of seafood export to Rs 1 lakh crore clearly reiterate the importance of our international trade as an engine of growth,” Budhia, who is also the managing director of Patton Group, said.
Federation of Indian Export Organisations (FIEO) President (Officiate) Israr Ahmed said that focus on investment in modern infrastructure, including digital, will help increase logistics efficiency for the industry.“Allocation of Rs 1 lakh crore for R&D and innovation will encourage the private sector to scale up their research and innovation significantly in sunrise sectors of the trade and industry,” Ahmed said.He added that the capital expenditure of Rs 11.1 lakh crore will have a significant impact on the country’s markets enhancing various projects, thereby leading to increased business and employment opportunities.Sharing similar views, Tiruppur Exporters Association (TEA) Chairman A Sakthivel said that the allocation of funds for schemes like PM MITRA would help promote domestic manufacturing.”There is no change in the rates of direct and indirect taxes in the interim Budget, including import duties, which gives a sense of balance,” he said.
The country’s merchandise exports during April-December this fiscal dipped by 5.7 per cent to $317.12 billion.
Imports contracted by 7.93 per cent to $505.15 billion, leaving a trade deficit of $188.02 billion in the first three quarters as against $212.34 billion in April-December 2022.
