Union Minister of Commerce and Industry, Suresh Prabhu said that the Ministry recognizes certain issues that need to be addressed for enhancing exports in the chemical sector and he promised to take up all the issues with other Ministries and Departments of Government of India. The 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.There is also a need for the removal of pre-import condition for advance authorization (with prospective effect). Minister further said that additional MEIS support for specific commodities for specific markets due to disadvantage arising out of other countries FTAs also needs to be addressed. Suresh Prabhu stated that Commerce Ministry will seek support from Indian embassies and missions abroad to understand the market profile of the country and then disseminate the same among the domestic industries.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)