Finance Minister P. Chidambaram while presenting the Union Budget for 2013-14 in the Lok Sabha on Thursday proposed a drastic reduction of duty on export of pre-forms of precious and semi-precious stones.
The duty has been reduced from 10 per cent to 2 per cent to encourage exports.
Chidambaram also proposed to reduce the duty on specified machinery for manufacture of leather and leather goods, including footwear, by 2.5 per cent - giving a boost to the leather goods exports.
The finance minister announced a total withdrawal of export duty on de-oiled rice bran oil cake.
He proposed a duty of 10 per cent on export of ilmenite ore and 5 per cent on export of upgraded ilmenite, in view of the several fold increase in the prices of unprocessed ilmenite in the export market and the need to conserve the natural resource.
With inputs from IANS