Gujarat industry bodies welcome trade policy

April 11th, 2008 - 7:59 pm ICT by admin  

Ahmedabad, April 11 (IANS) The Gujarat branch of the Confederation of Indian Industry (CII) and the Gujarat Chamber of Commerce and Industry (GCCI) Friday welcomed the central government’s decision to set up a joint task force to draw up an action plan for boosting exports. Commenting on the Trade Policy 2008-09, announced in New Delhi, CII leaders however said institutional arrangements like setting up a board of trade had not met with great success in the past.

S.V. Modi of GCCI said the policy had “several welcome features” like facilitation of trade through electronic data interchange and extension of Duty Entitlement Pass Book (DEPB) scheme rates till May next year.

According to the CII, the government’s decision to stick to the export target of $200 billion even as the rupee appreciates and high inflation erodes export competitiveness is an “exciting challenge” for the industry.

The reduction of duty to three percent under Export Promotion Capital Goods (EPCG) scheme will help set up capacities at lower cost. The decision to allow duty credits under reward schemes for exports was also a “welcome overdue measure”.

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