Press Information Bureau

Government of India

Ministry of Commerce & Industry

17-August-2011 17:29 IST

Steps to Reduce Export Cost of Articles

A Task Force on Transaction Cost was set up by Ministry of Commerce & Industry in October, 2009 to assess the procedural bottlenecks affecting India’s exports and imports and to look into various issues affecting the competitiveness of Indian exports and to suggest remedial measures to reduce transaction cost and thereby facilitate exports. Task Force has 44 recommendations concerning various ministries/Departments. 23 recommendations have been implemented resulting in reduction of approximately Rs. 2100 Crore of Transaction Cost.

This information was given by the Minister of State for Commerce and Industry Shri Jyotiraditya M. Scindia in a written reply to a question, in the Rajya Sabha today.

DS/gk

Transaction cost reduction improves export competitiveness through Task Force recommendations and administrative simplification. A Task Force on transaction cost was set up to identify procedural bottlenecks affecting exports and imports and to recommend remedial measures. It produced 44 recommendations for various ministries and departments; 23 recommendations have been implemented, yielding an estimated aggregate reduction in transaction costs through procedural simplification, administrative reforms, and enhanced trade facilitation.