"VAN" (Sangeeta Rani - Kurukshetra, Haryana) :: ‘To overcome covid challenges, the exporters needs loans of sufficient quantum on zero rate of interest for saying no to second hand imported technology under the foreign trade policy with no to subsidies under fiscal policy,’ believes former Vice Chancellor M.M. Goel professor as Needonomist retired from Kurukshetra University.
He was addressing online national symposium organised by Gujranwala Guru Nanak Khalsa College, Ludhiana on the topic ‘Implications of Covid Crisis on Indian Foreign Trade’.
To stop the exploitation of small exporters by the banks for currency conversion charges, the Reserve Bank of India (RBI) should make retail forex trading platform work effectively and allow transfer of funds online, said Professor Goel.
The extension in foreign trade policy 2015-20 up to 31 March.2021 reveals that the government is not serious for globalization and is ignoring the relevance of exports, believes Professor Goel.
To inspire greater confidence among small entrepreneurs for exports, Khadi and Village Industries Commission (KVIC) needed to be converted into a multinational corporation (MNC) for giving a brand name to the products of MSMEs.
The recent measures by RBI for reviving exports and imports to take the genuine difficulties of delay of orders and realisation of bills under the Foreign Exchange Management Act (FEMA) were necessary but not sufficient, said professor Goel.
He said about 3/4th of the potential productivity growth come from the broader adoption of best practices or catch up improvements and remaining comes from technological, operational or business innovation that goes beyond today’s best practices and pushes the frontier of India’s GDP potential.We have to be aware, alert, and awake with vivek for the challenges and remain enthusiastic to work without worries, told Goel.
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