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Govt may soon announce short term package for exporters

business Updated: Feb 05, 2009 12:45 IST

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Concerned over loss of jobs in the exports sector, the government is likely to soon announce a short term package for exporters, who are facing sharp cut in the demand for Indian goods in the global markets sunk in recession.

"Something will come, but it is going to be ad hoc," a senior official said here.

He also said if the package were to come, it would come only before the month end.

According to the latest government study, as many as 5,00,000 people were rendered jobless between October 2008 and December 2008 due to the recession.

Commerce Secretary G K Pillai has yesterday said that about 15 lakh people employed in the exports sector would be out of jobs by March this year.

To boost the economy, the government has already announced two stimulus packages -- first in December 2008 and second in January this year.

In the first package the government had cut four per cent excise duty across the board, besides increasing planned expenditure. In the second package, it decided to hike the rates of tax refunds to exporters paid under the popular Duty Entitlement Pass Book (DEPB) scheme to the November level. The scheme has also been extended up to December this year.