New Delhi [India], September 29 : The Parliamentary Public Accounts Committee (PAC), chaired by K. C. Venugopal, is contemplating scrutinising the Export Promotion Capital Goods (EPCG) Scheme, which provides import benefits to exporters.
"Today's agenda is very clear. (There was a) Discussion on the audit relating to the Ministry of Commerce, DGFT (Directorate General of Foreign Trade), CBIC (Central Board of Indirect Taxes and Customs), and customs on the scheme which benefits imports," Venugopal toldafter the meeting.
The basic idea is to increase the manufacturing sector, but whether that has happened or not, we examine it thoroughly today, he said, adding that the scheme needs to be reassessed.
"The committee's review will focus on evaluating the effectiveness of the scheme in boosting India's manufacturing and export performance," he added.
The EPCG Scheme is an Indian government initiative that allows exporters to import capital goods (such as machinery and equipment) at zero customs duty for pre-production, production, and post-production activities, provided they fulfil a specific Export Obligation. The scheme aims to boost the export of Indian goods and services by enhancing the competitiveness of the manufacturing sector and reducing initial capital investment costs for exporters. The PAC's scrutiny is expected to examine the effectiveness, compliance, and impact of the scheme on the country's export performance.
This session marks a significant step in enhancing parliamentary oversight of government initiatives aimed at promoting trade and supporting the manufacturing sector.
Earlier on September 24, the Joint Parliamentary Committee (JPC) on One Nation One Election (ONOE) interacted with economic experts, with Chairman of the panel PP Chaudhary stating that the move is expected to benefit the GDP by up to 1.5 per cent or approximately Rs 7 lakh crore, according to broad research estimates.
The panel heard the views of 16th Finance Commission Chairman Arvind Panagariya, economist Dr Surjit Bhalla, and former Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia.
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