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| Further scope for reduction: says CII study | | Shrinking foreign trade transaction costs in India | | Early Times Reporter
Jammu | Mar 18
The prevailing trade transaction costs in India still tend to be high and can erode our competitiveness. Stringent and archaic rules and regulations, complex administrative processes and infrastructural deficiencies are the few factors that have for long been considered responsible for putting unnecessary transaction costs on Indian exporters and importers said Mr Ravi Sikka, Chairman CII Northern Region Sub Committee on Economic Affairs and Taxation and Director & Group Head – Taxation, Eicher Ltd while releasing a CII – MARS and Partners report on Foreign Trade Transaction Costs: An Indian Scenario.
According to a press release issued here today, elaborating on the Indian scenario Rajiv Tuli , Managing Partner , MARS and Partners, Advocates & Solicitors, said that over the past few years India has undertaken considerable trade reforms. Infact as per the Doing Business 2008 report of the World Bank, India has been rated as the Top Reformer in the world in 2007 on ‘Trading across Borders’. Inspite of these reforms India currently ranks 139th on this parameter amongst the 178 countries included in the World Bank report. Clearly much remains to be done, he added.
The analysis jointly carried out by CII Northern Region and MARS and Partners, Advocates & Solicitors highlights that although the Foreign Trade Transaction Costs in India have been reducing, however there is scope for significant reductions further. The issue gains greater significance if we are looking at maintaining the competitiveness of Indian exports in the wake of a strengthening rupee and a possible recession in some of the leading developed economies. |
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