Andhra Pradesh is emerging as potential hub for international trade and the measures taken by the state government are yielding results to budding exporters and importers in the region, said Alok Dwivedi, deputy director-general of Foreign Trade, Union Ministry of Commerce and Industry.
Delivering the keynote address at a workshop on EXIM policy, organised by GITAM Institute of Management here on Wednesday, Dwivedi said around 26 star exporting houses in this region were contributing 80 per cent of the exports, particularly in seafood, rice, spices, cashew and even in hair exporting activities. The DGFT issues authorisations to exporters and monitors their corresponding obligations through its network of 36 regional offices and extension counter at indore, he said. Dwivedi said import-export code number (IEC) was mandatory for imports and exports and only one IEC would be issued against a single PAN. To enhance India’s export competitiveness, the DGFT has introduced export promotion capital goods scheme (EPCG) which assures import of capital goods for producing quality goods, particularly the scheme covers manufacturer, exporters, merchant exporters tied to supporting manufacturer and service providers.
Presiding over the workshop, GITAM Institute of Management principal P Sheela said if the government concentrates on air cargo development in this region, it would improve exports. Export Credit Guarantee Corporation of India Limited (ECGC) assistant director Sanjeet Kumar said they were giving credit insurance cover to exporters by providing overseas investment insurance to Indian companies investing in joint ventures abroad in the form of equity or loan. Assistant director B Punnam Kumar, DGFT explained EXIM policy and various decisions taken by the Centre in foreign trade.