New Delhi, Feb 29 (UNI) Export subsidy by Department of Commerce, which has been revised to Rs 1,594 crore , a Rs 900-crore jump over the budgetary support of Rs 694 crore provided for in the 2007-08 Budget, has been slashed by Rs 300 crore to Rs 1,294 crore in the Union Budget for 2008-09 tabled in Parliament today.
Export subsidy zoomed this year as exporters, particularly in the labour-intensive textiles, leather and marine sectors, have been hard hit by declining exports because of 12 per cent appreciation of the rupee in a year.
The department, which had provided Rs 85 crore to Marine Products Export Development Authority in 2007-08, has, however, increased it to Rs 105 crore in the 2008-09 budget to enhance exports of fisheries.
Centre for WTO Studies has been allocated Rs 4 crore in the next fiscal to enable it help Indian interlocuters who are engaged in intensive negotiations on agriculture and industrial tariffs at the World Trade Organisation.
UNI SAA PDT KN1541