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  3. Commerce Ministry forms a Committee to recommend ways to reduce transaction cost of exports

Commerce Ministry forms a Committee to recommend ways to reduce transaction cost of exports

11 Mar 2013 Evaluate

In order to boost India’s overseas shipments, a committee has been constituted for recommending ways to cut transaction cost of exporters. With this move, the Government is expected to get control over the widening trade deficit and declining exports as the committee would examine the problems faced by exporters that pushed their transactions costs. The committee headed by D Purandeswari, the Minister of State for Commerce, would also comprise of officials from the Director General of Foreign Trade and industry players.

Exporters who are already in deep waters due to the global demand slowdown are finding it difficult to cope up with the high transactions cost. While, the quantum of transaction cost is about 7-10 per cent of the total value of Indian exports and amounts to $15 billion.  

Marking a recovery after a gap of eight months, India's exports rose at an annual rate of 0.82% at $25.58 billion in January, with imports too rising by 6.12% at $45.58 billion for the month, leaving a trade deficit of $19.99 billion, the second highest figure ever in a month. However, during April-January period, overseas shipments declined by 4.86 per cent to $239.6 billion.

Currently, there are about 13 agencies involving in exports including DGFT, banks, RBI, customs and chambers. But the flow of document is not smooth among them and thus put additional burden on exporters.

Earlier, in 2011, to boost the export, the government had announced 21 steps like round- the-clock customs clearance at eight major ports, reduction in bank charges on foreign currency and concessional loans to cut transactions cost for exporters.

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