Central Board of Excise and Customs (CBEC) to Host the 11th Asia Europe Meeting (ASEM)
Central Board of Excise and
Customs (CBEC) to Host the 11th Asia Europe Meeting (ASEM) of the Directors
General-Commissioners of Customs in Goa on 8th and 9th October, 2015; to Focus
on the Five Main Priorities of ASEM viz. Trade Facilitation and Supply Chain
Security; Combating Infringement on IPR; Protection of Society and Environment;
Involving Business; and Communication and Visibility; Directors
General-Commissioners of Customs to Deliberate on a new Action Plan for 2016-17
Central Board of
Excise and Customs (CBEC), Ministry of Finance is hosting the 11th Asia Europe
Meeting (ASEM) of the Directors General-Commissioners of Customs in Goa on 8th
and 9th October, 2015. The Goa meeting will be chaired by Shri Najib Shah,
Chairman, CBEC.
India is hosting the Head of Customs administrations meeting for the first time since joining, the ASEM forum in 2008. Heads of Customs administrations and delegates from 53 Member States of ASEM 30 from Asia, 21 from Europe and two international organizations namely the European Commission and the ASEAN Secretariat are expected to attend. Mr. Kunio Mikuria, Secretary General of the 180 member strong World Customs Organization (WCO) shall be present at the event as an observer.
Established in 1996, ASEM aims to strengthen the Asia-Europe relations and in this direction provides opportunities for dialogues and cooperation between countries of Asia and Europe in wide areas covering politics, economy, culture and others. Cooperation in Customs matters between Asia and Europe is an important element of the ASEM framework and the Directors General-Commissioners of Customs of ASEM meet biennially to discuss current developments and priorities of Customs work.
The two-day meeting will focus on the five main priorities of ASEM viz. Trade Facilitation and Supply Chain Security; Combating Infringement on IPR; Protection of Society and Environment; Involving Business; and Communication and Visibility.
The Directors General-Commissioners of Customs will deliberate on a new action plan for 2016-17 which shall reflect the priorities of Customs administrations as they face the twin challenges of facilitating trade and ensuring legal compliance as global trade volumes rise.
India is hosting the Head of Customs administrations meeting for the first time since joining, the ASEM forum in 2008. Heads of Customs administrations and delegates from 53 Member States of ASEM 30 from Asia, 21 from Europe and two international organizations namely the European Commission and the ASEAN Secretariat are expected to attend. Mr. Kunio Mikuria, Secretary General of the 180 member strong World Customs Organization (WCO) shall be present at the event as an observer.
Established in 1996, ASEM aims to strengthen the Asia-Europe relations and in this direction provides opportunities for dialogues and cooperation between countries of Asia and Europe in wide areas covering politics, economy, culture and others. Cooperation in Customs matters between Asia and Europe is an important element of the ASEM framework and the Directors General-Commissioners of Customs of ASEM meet biennially to discuss current developments and priorities of Customs work.
The two-day meeting will focus on the five main priorities of ASEM viz. Trade Facilitation and Supply Chain Security; Combating Infringement on IPR; Protection of Society and Environment; Involving Business; and Communication and Visibility.
The Directors General-Commissioners of Customs will deliberate on a new action plan for 2016-17 which shall reflect the priorities of Customs administrations as they face the twin challenges of facilitating trade and ensuring legal compliance as global trade volumes rise.
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Statement after
the Press Conference of Secretaries, Ministry of Finance: India Emerged as the
Fastest Growing Major Economy in the World;
While
the Government Continues to Implement its Reform Agenda, the Economy Should
Over Time Realize its 8 Percent Plus Growth Potential;
Infrastructure
Spending PICKSW-UP on the Back of Accelerated Government Spending on Highways,
Railways and the Power Sector; Plan Cap-Ex Increased by Over 30 Percent this
Year;
Private
Investment Starts to Crowd-In, while the Public Private Partnership Projects
Which had Stalled are also now Picking-Up;
Inflation
Decisively Brought Down; Our Macro-Fundamentals Remain Strong and Twin
Deficits, Fiscal and Current Account, Reduced;
Government
to Play its Part to Ensure the Benefits of Accommodative Monetary Policy are
Transmitted to the Economy at Large;
Expenditure
on Major Subsidies as a Percentage of GDP has come down from 2.5 Percent of GDP
in 2012-13 to 1.6 Percent of GDP in 2015-16;
Collection
of Direct and Indirect Taxes in the Current Year has been Encouraging so far
and Tax Collections Figure can be taken as a Positive Index of Growth in Demand
in the Economy;
Government
has also taken some Decisive Steps in the Past Few Months to Support
Improvements in the Functioning and Profitability of Public Sector Banks.
A Press Conference was held here today which was addressed by Shri Ratan P
Watal, Finance Secretary, Shri Shaktikanta Das, Secretary, Department of
Economic Affairs (DEA), Dr Hasmukh Adhia, Revenue Secretary, and Dr Arvind Subramanian,
Chief Economic Adviser (CEA), Ministry of Finance among others.
Following
is the text of the brief Statement issued after the aforesaid Press Conference:
As we
complete, the First half of the Current Financial Year 2015-16, it is time to step
back and take stock of what we have achieved on the economic front, and what we
need to do to consolidate the gains we have made.
Despite
the global slowdown and declining export demand, India has emerged as the
fastest growing major economy in the world. While the Government continues to
implement its reform agenda, the economy should over time realize its 8 percent
plus growth potential. With supportive policies in place, India is emerging as
a strong growth driver for the world economy, capable of sustaining economic
growth through its own momentum.
Inflation
has been decisively brought down: the headline CPI inflation is within the
target zone, WPI inflation has been negative for ten consecutive months, and
core inflation has shown signs of moderation too. The outlook for inflation is
also good, as indicated by the RBI in its latest Monetary Policy Review.
Despite the uncertain Monsoon, Government food management, including use of the
price stabilization fund to augment domestic supplies with imports, will ensure
that food inflation is contained. The Government and the RBI will work
together to consolidate the gains achieved in inflation control, through the
inflation targeting framework and the associated institutional arrangements.
Our
macro-fundamentals remain strong. The twin deficits, fiscal and current
account, have been reduced. The Government is committed to achieving this
year’s fiscal deficit target as well as the fiscal glide path laid out in the
budget. The Indian economy - based on a foundation of macro-economic stability,
sizable foreign exchange reserves, and on creating the conditions for
investment opportunities - is now better placed to handle external shocks. As a
net oil importer, the global environment is also throwing up some opportunities
for the Indian economy.
To
support the economy, RBI has already announced a 50 bps cut in the policy rate,
bringing the cumulative support of Monetary Policy to 125 basis points this
calendar year. This should boost confidence and investment, and help shore-up
the corporate balance sheets. The Government will play its part to ensure the
benefits of accommodative monetary policy are transmitted to the economy at
large.
Through
systematic work, we have been restructuring the expenditure side of the Budget
over the last one year. While many commentators expressed doubt, we have
simultaneously achieved 10 percent increase in tax devolution to the States,
achieved over 30 percent increase in the Plan Cap-Ex, and yet, adhered to the
fiscal glide path outlined in the Budget. We continue to work together on
rationalizing central sector schemes and programmes in run up to the Union
Budget 2016-17. To give adequate time to the Ministries/Departments to reform
their financial processes, this year the Pre-Budget Exercise has been advanced by
two months to ensure structural reforms on the expenditure side can be
completed in time for the Union Budget 2016-17.
On
subsidy reforms- diesel, petrol and LPG now sell at market prices throughout
the country. Consistent with its commitment to deregulation, the government has
allowed two-way variability of petroleum pump prices. A cash subsidy is payable
to LPG customers under the PAHAL scheme. Nutrient Based Subsidy regime has now
stabilized for mixed (P&K) fertilizers and neem coating has been made mandatory
for subsidized urea to check its diversion to industrial use. Digitisation and
aadhaar seeding of Public Distribution System (PDS) is being pursued all over
the country to lay the foundation for next generation of PDS reforms
along the lines of the JAM trinity outlined in the Economic Survey 2015-16.
Overall, expenditure on major subsidies as a percentage of GDP has come down
from 2.5 percent of GDP in 2012-13 to 1.6 percent of GDP in 2015-16.
While
much progress has been made in the power sector over the last one and a half
year, the financial health of Dis-coms has received the highest attention of
the Government. We are working with the Power Ministry and the States to find a
lasting solution to this problem, in a manner that ensures the gains of fiscal
consolidation made over the 12th and 13th Finance
Commission periods are maintained, while preparing a financial restructuring
plan that incentivizes Dis-coms to generate more revenues, and close the gap
between average cost of supply and the revenues raised on sustained basis.
The
collection of Direct and Indirect Taxes in the current year has been
encouraging so far. If no other externality hits us, we are hopeful of
achieving the total taxation target with possibility of a minor shortfall of
around 5 percent within the total target of Rs. 14.5
lakh crore. The tax collections figure can be taken as a positive index of
growth in demand in the economy.
We are
trying hard to sort out legacy cases of tax demands raised retrospectively
through mutually beneficial solutions. Our broad approach to taxation is as
follows:
· Non-adversarial
(less litigations)
· Lower tax burden and
fewer exemptions
· Strengthening
mechanisms for Advance Pricing Agreements, Authority for Advance Rulings and
Settlement Commission
· Minimum direct
interface of assesses with tax administration by using more and more, the
facilities of e-filing, e-processing, e-refunds etc.
· Simplification of
laws, rules and notifications.
The
Government has also taken some decisive steps in the past few months to support
improvements in the functioning and profitability of Public Sector Banks
(PSBs). The Government has undertaken a set of reforms to address both systemic
and governance issues, which include revamping the process of selection of
directors on the boards of Public Sector Banks, laying of a road-map for a
transparent and objective selection process for directors, separation of the
post of non-executive Chairman and Managing Directors, etc. On the capital
side, an assessment of capital requirements for the next four years has been
made and a plan has been put in place to ensure that PSBs remain adequately
capitalized. To improve accountability, a comprehensive framework has been put
in place in which banks are required to achieve specified quantifiable
targets.
Pradhan
Mantri Mudra Yojana (PMMY) aims to provide easier access to low cost credit
through the formal banking system, to existing as well as new micro enterprises
in the informal sector. The objective is to enhance livelihoods and mainstream
borrowers by linking them with the banking system. Loans up to Rs. 50 thousand,
5 lakh and 10 lakh may be advanced based on the micro- project's needs. From
April 2015 till date, 43.55 lakh loans have been disbursed by banks, amounting
to Rs. 26,580 crore, with the sanctioned amount being Rs. 28,496 crore. Loans
are being extended at a rate of interest below 12%, without collateral
requirements, and application formalities have been kept simple. The campaign
was intensified in September, and the focus continues, with the objective of
creating a more supportive climate for self-employment.
Infrastructure
spending has picked-up on the back of accelerated Government spending on
highways, railways and the power sector. As already mentioned, the Plan Cap-EX
has increased by over 30 percent this year. This is beginning to crowd-in
private investment, and the public private partnership projects which had
stalled are also now picking up. We are in the process of setting-up a National
Infrastructure Investment Fund (NIIF) that will channelize both domestic and
foreign resources to satisfy the infrastructure needs of our economy.
To
summarize, our macro-fundamentals remain strong. We are now better placed to
handle unforeseen external shocks, and to put India firmly on the path of
economic recovery and inclusive prosperity.
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