JAIPUR: Exporters have been asked to explore new avenues and not get disheartened over the current global slowdown. They should use their energies in exploring new markets for their products and apply innovative methods, said experts at a seminar on export promotion here over the weekend. Not all the scary stories on the recessionary trends were real, they asserted.
The seminar was organised at the Centre for Development of Stones (CDOS) in Sitapura near here by the National Stock Exchange of India, the Chemicals & Allied Products Export Promotion Council (Capexil) and CDOS. Not all the markets have been affected by recession and there is still a lot of scope for developing exports, the speakers asserted.
Making a presentation on behalf of the National Stock Exchange of India, Manis Thanwala of Greenback Forex Services said the currency features should be used by exporters for hedging their exports’ receivables effectively.
The exporters should go for a better transparency of exchange rates and they should study the market access on a day-to-day basis, he suggested. There was an urgent need for the exporters to monitor the risk effectively and develop their strategies accordingly.
Darshan Singh, Joint Director, Directorate-General of Foreign Trade, said the Union Government had formed an inter-ministry core group to enable exporters to find new markets for their products. The exporters could take advantage of this by asking for government help in sorting out their problems, he suggested.
VAT reclaim specialist S. Mukherjee said it was necessary for the exporters to know the processes associated with Value Added Tax recovery as this would reduce their expenses. Many exporters were not even aware that company employees travelling on business were entitled to reclaim the VAT charged on many of the expenses incurred by them.
The exporters who participate abroad in conferences, exhibitions, trade fairs, training courses and even spend money on hotels and meals could recover VAT if they are incorporated in any country other than the country from which they wish to claim the VAT refund.