Foreign trade policy to cut duties, generate employment

April 8th, 2008 - 12:29 am ICT by admin  

New Delhi, April 7 (IANS) The annual review of the foreign trade policy (FTP) for 2008-09 would seek to further reduce import duties on essential items and generate employment, Commerce and Industry Minister Kamal Nath said Monday. “We are looking at sectors (in the FTP) where there can be a quantum jump. The FTP would also seek to generate employment,” Kamal Nath said on the sidelines of a book launch here.

“The government will calibrate the duty structure to ensure that inflation is under control. We need also to ensure that there are proper legal frameworks, no hoarding is done and food items are properly distributed,” the minister added.

The FTP, which is to be unveiled April 11, would seek to provide more financial support to exporters, who had been badly hit by the strengthening rupee.

One of the most favourable programmes introduced by the government to promote exports - Duty Entitlement Pass Book (DEPB) scheme - is also likely to be extended for a year.

The export target for 2008-09 is likely to be $200 billion. The target for the last fiscal was $160 billion.

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