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Working to quickly boost exports partly hit by GST: Prabhu

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New Delhi, Sep 6 (IANS) The new Commerce Minister, Suresh Prabhu on Wednesday said his ministry is looking at ways to quickly boost India’s exports which are currently facing “challenging times”, partly on account of the implementation of the Goods and Services Tax (GST) from July.

“Exports to GDP ratio has to rise…so we are at a crash intervention sort of a thing. We are trying to work out what is to be done to promote exports in a shortest possible time which includes issues coming up because of the GST,” Prabhu told reporters here.

The Minister, who took charge of the Commerce and Industry portfolio after cabinet reshuffle earlier this week, said exporters are facing certain issues in the GST regime, which the ministry is taking up with the concerned authorities.

After rising for 10 months in succession, Indian merchandise exports in July fell 6.84 per cent to $21.69 billion compared to $23.28 billion in the corresponding month of 2015. Exports in June at $23.56 billion had grown by 4.39 per cent over the same month of 2016.

Exporters have said that the GST regime would block working capital worth over Rs 1.85 lakh crore per year with the government as they now have to pay the tax first and then claim refund under a cumbersome process.

Prabhu also said the ministry is working on the support measures “which can facilitate quick increase in exports both in volume and value.”

He said the ministry will work on several fronts, including bringing in a new industrial policy, improving logistics for exporters, an agriculture export policy and integrating into the global supply chains.

“Global supply chains are now become a reality. India is part of that in auto components and generic formulations,” he said.

Prabhu also described the current times as “challenging” in view of more countries creating protectionist “walls”.

“Protectionist ideas are growing. They are stronger over a period time. So we will follow our trade policy in a manner that we will be able to work through these walls,” he said.

The Commerce Ministry is slated to announce the review of the foreign trade policy next month.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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