Need to relook at policies impacting growth of domestic manufacturing industry: CBEC Chairperson
There is a need to relook at policies as they impact growth of domestic industry over a short-term or long-term period and whenever a policy is made whether it is for exports or otherwise, these things need to be kept in view, chairperson of the Central Board of Excise and Customs (CBEC) said at an ASSOCHAM event held in New Delhi today.
"Our policies need to be looked at and the industry
needs to participate in the decision making process to bring out the
effect of policies both in the medium and in the long term in
domestic manufacturing," said J.M. Shanti Sundharam while
inaugurating a national seminar on 'Post Budget Discussion,'
organised by The Associated Chambers of Commerce and Industry of
actions which we have taken (in the budget) have been as a result of
policies which have actually lead to degrowth of manufacturing so it
would be good if the industry when it interacts with ministries for
forming of policies both for import & export and for
manufacturing sees this entire thing not with a short-term vision but
at least with a medium or a long term vision," she
"Manufacturing sector was under stress due to a
variety of reasons as in FY 2013-14 as the growth in manufacturing
hardly crossed into the plus, so we needed a tax environment which
would be conducive to revive the growth and we have used different
means and methods for encouraging growth and for ensuring a conducive
tax environment," further said the CBEC chairperson.
also tried to give a judicious mix of increase or decrease in the
duty structures to help the industry," she added.
the issue of meeting additional collection targets, the CBEC
chairperson said that the targets are still high and it will probably
show results after six months' time. "Indirect tax targets are
extremely high with reference to what our growth was."
further informed that the department would be examining all the
amendments, proposals and strategies that are to be adopted at its
chief commissioner's conference to be held in August.
it as a balancing act, the chairman of the Central Board of Direct
Taxes (CBDT), R.K. Tewari, in his address at the ASSOCHAM conference
said that the budget aims at growth with equity and development, it
is the mantra of the government and without it we cannot sustain as a
growing economy or for the poverty alleviation.
informed that the CBDT is further upgrading the technology to
minimise litigation, enhance tax collection and provide best services
for better co-operation between both taxpayers and the department.