Alternative to Import Duty (I)

This entry was posted on Saturday, March 12th, 2016 and is filed under Budget 2016, Cashew, Cashew News.

The very name of Cashew Export Promotion Council of India suggests its duty. When the raw cashew import crossed the yearly export volume and became a huge burden on country’s Forex reserves, the council has to suggest necessary steps to the Government in order to control reckless imports.

So instead of protesting against the CEPCI, processors and traders should try to find a solution to the issue. It is true that Indian importers cannot compete with their Vietnamese counterparts after the levy of import duty. But when the African countries utilize their cheapest labor to process their own raw material, Vietnamese importers will also face the same problem. Cautious Indian processors will survive in the competition because of the domestic pieces consumption.

Protesters are also demanding the Government help to control the prevailing exorbitant prices in the international market. They cannot control the market as their number is in thousands. They are compelled to make reckless purchases, even when they lose all their money and loans sanctioned by the banks.

(Please read all three posts related to Alternative to Import Duty)



Filed Under: Budget 2016, Cashew, Cashew News