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Exporters seek increase in duty drawback by 2%

New Delhi: Exporters have sought a 2% increase in duty drawback rates — refund of duties on raw materials imported — to make their products price competitive, reports PTI.

The demand comes after the Central Board of Excise and Customs (CBEC) in the finance ministry slashed duty drawback rates on several items, including textiles, metal items, leather and sports goods.

The Federation of Indian Export Organisations (FIEO) in a communication to finance minister Pranab Mukherjee requested the government for a 2% increase in duty drawback.

"The world trade is again witnessing rough weather and the global growth rate is likely to decline in the second half of 2010," FIEO president A Sakthivel said.

The reduction in rates has come as a "bolt out of the blue" for export sector particularly those which are still showing negative or single digit growth, he said.

FIEO has also said the cut in rates would impact both exports and jobs in the country.

Although, the country's exports have risen by 28.6% between April-August this fiscal, certain segments like garments, handicrafts, handloom and carpets, are yet to pick up from the setback received during the global downturn of 2008-09.

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Gas prices may deflate

The discovery of huge new shale-gas deposits may cause gas prices to remain flat at around $5 per 1,000 cubic feet through 2020.

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