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DEADLY BLOW TO EOU

The recently announced Union Budget for 2008-09 has struck a deadly blow to the 100% Export Oriented Units (EOU) sector. Despite numerous representations from the trade as well as form the Ministry of Commerce, the Finance Ministry has failed to appreciate the stellar role played by this sector in export growth, development of backward area, job creation and various other benefits that this sector has provided to Indian economy, a statement issued by the Confederation of Export Oriented Units (CEU) said.

 

The 100 per cent EOU sector had high hopes on this Budget for its survival. The retention of sunset clause of Section 10-B of Income-Tax , additional customs duty on DTA sale, neutralization of additional tax burden due to mass de-bonding of 100 per cent EOU. This is likely to have a negative effect on the growth of backward areas and manufacturing sector in particular, it said.

 

Mr. S.K. Saraf, President, Confederation of Export Units, has appealed to the Finance Minister to have a close look at the performance of this sector and to decide whether the Indian economy still needs this sector or deserves a decent exit.

 

While all the exporters are deeply disappointed, the 100 per cent EOU sector is particularly hit hard, since even the export relief package was not made applicable to 100 per cent EOUs, he added.

 

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