Port Wings News Network:
FIEO on 5 November welcomed the decision taken by the Government on the RCEP in national interest. Mr Sharad Kumar Saraf, President, FIEO said that a vibrant manufacturing holds the key to exports. Duty free imports from China, which has economy of scale, and sitting on huge inventory and capacity could have jolted the manufacturing beyond recovery and thus crippling exports.
However, Mr Saraf pleaded to make manufacturing competitive by reducing the cost of credit, bringing down logistics cost, rebating all state taxes and levies and addressing inverted duty structure. He suggested that share of manufacturing in GDP should go up by 1 percentage point every year so that we increase its share to 25% in next 10 years.