Parliamentary PAC meeting on EPCG Scheme scheduled today

The agenda of the meeting includes a briefing by the Comptroller and Auditor General (C&AG) followed by the oral evidence of representatives from the Ministry of Finance (Department of Revenue) and the Ministry of Commerce and Industry. Discussions will focus on the performance audit of the Export Promotion Capital Goods (EPCG) Scheme, as highlighted in C&AG Report No. 17 of 2024.

The EPCG Scheme is an Indian government initiative that allows exporters to import capital goods (machinery, equipment, etc.) at zero customs duty for pre-production, production, and post-production activities, provided they fulfill a specific Export Obligation. The scheme aims to boost the export of Indian goods and services by enhancing the manufacturing sector's competitiveness 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 an important step in strengthening 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.Chaudhary, a BJP MP, said later that there are elections in the country almost every year.

"If Lok Sabha and Vidhan Sabha elections are held together, it will save money. We called economic experts today... If the elections are held together, it will benefit the GDP by upto 1.5% or approximately Rs 7 lakh crores... PM Modi's vision is that money should be used for the development... This is a discussion stage. Nothing is final yet... The next meeting may be held by the end of October," he said.

Sources said that Surjit Bhalla proposed a model of election where all state assembly elections are held together after almost two-and-a-half years of Lok Sabha polls, allowing for reduced frequency of elections but still ensuring accountability and check of people's mandate.The sources said that Ahluwalia also said that national and state elections should be held at different time as issues in the two polls are different. (ANI)