Increase incentive to boost refined copper exports from 2% to 3% for Q4 : Assocham

New Delhi : Apex industry body ASSOCHAM has urged the Government to increase the incentive under Export Incentivisation Scheme for fourth quarter (Q4) of the current financial year (FY) 2013-14 from two per cent to three per cent to boost refined copper exports as it would also help the CAD (current account deficit) position substantially.

“If significant boost is provided to exports in Q4 through additional incentives than it would help increase production, utilise incremental production for additional export volume and give the domestic producers a much needed level playing field,” according to a paper on ‘Copper Industry’s suggestions on Foreign Trade Policy & Procedures for 2014-19’ prepared by ASSOCHAM.

Considering that it is critical for domestic refined copper producers to remain competitive against global competition to protect market under deemed exports sales and explore avenues of export growth, ASSOCHAM has also suggested the government to extend Incremental Export Incentivisation Scheme for 2014-15.

“Despite domestic capacity being higher than domestic demand, the imports of refined copper products are likely to reach 202,000 ton in the current financial year 2013-14,” said ASSOCHAM.

Source : dailyshippingtimes.com