The minister additionally introduced a slew of different measures to facilitate exports. “For exports of handicrafts, I suggest to increase the time interval for exports from 6 months to 1 yr, additional extendable by one other 3 months if required. I additionally suggest so as to add 9 objects to the listing of duty-free inputs. For the leather-based sector, I suggest to totally exempt BCD on moist blue leather-based to facilitate imports for home worth addition and employment. I additionally suggest to exempt crushed leather-based from 20% export obligation to facilitate exports by small tanners,” she acknowledged.
Within the case of marine merchandise, the FM acknowledged that to reinforce India’s competitiveness within the world seafood market, it’s proposed to scale back BCD from 30% to five% on frozen fish paste. “I additionally suggest to scale back BCD from 15% to five% on fish hydrolysates for the manufacture of fish and shrimp feed,” the minister acknowledged.
Alluding to final yr’s Finances, Sitharaman stated that she had prolonged the time restrict for export of foreign-origin items that have been imported for repairs from 6 months to 1 yr and additional extendable by one yr. “I suggest to introduce a brand new provision that may allow importers or exporters, after clearance of products, to voluntarily declare materials details and pay obligation with curiosity however with out penalty.”
This may incentivise voluntary compliance, she acknowledged.
Sitharaman offered the primary full Union Finances of Prime Minister Narendra Modi’s third time period at the moment, making this her eighth consecutive Finances presentation. The Financial Survey 2024-25, offered in Parliament on Friday, initiatives India’s financial system to develop between 6.3% and 6.8% in FY26.
