Focus on price rise, export push in India’s trade policyApril 11th, 2008 - 3:51 pm ICT by admin
New Delhi, April 11 (IANS) With a twin focus of curbing price rise and boosting trade, Commerce Minister Kamal Nath recast India’s foreign trade policy Friday, that bans export of primary steel and extends fiscal sops to a range of industries. The Foreign Trade Policy for 2004-09, which was reviewed before representatives of trade promotion organisations, also sets an export target of $200 billion for this fiscal, against an estimated $155 billion achieved last fiscal.
“The remarkable achievements in trade and commerce of the past four years gives me the confidence to spell out an even more ambitious target - of achieving 5 percent of world trade by 2020,” Kamal Nath said.
“In practical terms, this means a four-fold increase in our percentage share in the next 12 years, he said, adding: “Ambitious the target may be, but achieving it is not impossible”.
Some of the highlights of the policy recast include:
- Extension of duty entitlement passbook scheme by another year
- Duty cut on export promotion capital goods scheme to 3 percent
- One-year extension of lower interest rates for small exporters
- One-year extension of tax exemption for export oriented units
- Relief to sectors affected by rupee appreciation
- New export promotion council for telecom sector
- Sops for exporters of toys, sports goods
- Cement exports banned
- Export of primary steel banned to curb prices
- All sops withdrawn on export of steel
- 10 more countries added to focus market scheme
- Computer hardware also under special focus initiative
Tags: ambitious target, capital goods, commerce minister, export promotion council, export target, kamal nath, oriented units, passbook, percentage share, primary steel, recast, remarkable achievements, rupee, scheme computer, sops, sports goods, tax exemption, telecom sector, trade commerce, trade promotion organisations