In order to boost exports and identify specific problems that are effecting industries and hampering production and exports, Union Minister of Commerce and Industry, Suresh Prabhu has discussed the preparation of a strategy and an action plan with representatives of pharma and chemicals industries along with chairmen of Pharmexcil and Chemexcilin.
Prabhu said that the ministry recognized certain issues that need to be addressed for enhancing exports in the chemical sector and promised to take up all the issues with other Ministries and Departments of Government of India. Minister elaborated that expansion of Interest Equalization Scheme needs to be done by adding more tariff lines, the process of environmental clearance to be speeded up especially relating to product mix and also expeditious approval process. He said there is also a need for the removal of pre-import condition for advance authorization (with prospective effect).
Further, Commerce Minister underlined that Commerce Ministry supports pharma exports through its schemes of reimbursement of product registrations abroad up to Rs 50 lakh per year- this ceiling has been enhanced recently to Rs 2 crore per year with additional components, which will encourage exporters to register and sell more products in new and potential markets.