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FIEO suggests export development fund
Why is it in news?
- Federation of Indian Export Organisations (FIEO) suggested a host of steps to the Finance Ministry with a view to boosting outbound shipments.
Key Suggestions of FIEO:
- Bringing in a double tax deduction scheme, to deduct against their taxable income.
- Setting up of an export development fund.
- Extending tax deduction on product development.
- Providing deemed export status to Indian industry under the global bidding of procurement.
- ECGC coverage to banks for export finance.
- Higher budget allocation to the Department of Commerce.
About Federation of Indian Export Organisations (FIEO):
- FIEO is an apex body of Indian export promotion organizations.
- It represents the Indian entrepreneurs spirit of enterprise in the global market.
- It was set up jointly by the Ministry of Commerce, Government of India and private trade and industry in the year 1965.
- FIEO is thus a partner of the Government of India in promoting India's exports.