New Delhi: Speaking at an Interactive Session on the Foreign Trade Policy [2009-14], organised by the CII, Anand Sharma, Union Minister for Commerce & Industry, Government of India stated that the new Foreign Trade Policy 2009-14, attempts to diversify India’s export products and markets.
He said, the government has tried to use the available resources judiciously to focus on labour-intensive sectors. These sectors would help "create more jobs", while generating more resources in the economy, added Mr. Sharma.
Sharma said that the new policy has been unveiled in a very challenging backdrop and added that though targets set in the policy are conservative, they are pragmatic and realistic.
Expansion of Market Linked Focus Products Scheme (MLFPS) to 13 new markets and 1700 products was the highlight of the new policy, opined Mr. Sharma. He also expressed hope that the new policy will help exporters to tide over the current slowdown.
He was of the view that at a time when traditional markets for Indian exporters are in a recession, it is important to engage with other countries and diversify exports. At the time of crisis, it may be convenient to turn protectionist, however it may not be the right choice, as it carries the risk of deepening the recession, added Mr. Sharma.
Mr. Sharma said, the Government is determined to reduce transaction costs for Indian exporters. The current policy has already reduced the application fees for exporters and the government will work to simplify export policies and procedures. “Electronic trade is important and will be looked at in a time bound manner”, added Mr. Sharma.
Earlier, in his welcome remarks, Mr. Chandrajit Banerjee, Director General, CII complimented Mr. Sharma for his leadership and for unveiling “realistic, transparent, innovative and achievable Foreign Trade Policy”.
Dr. Rahul Khullar, Secretary, Department of Commerce, said the new Foreign Trade Policy is realistic and not overambitious and added that diversification of Indian exports was the overall theme of the policy.
Mr. Sunil Kant Munjal, Past President CII, expressed the need of establishing an overarching umbrella organisation to promote trade and investment in India. He said the simplification of process and procedures in the policy was timely and added that industry will work closely with the Government to achieve targets set in the policy.
Mr. Sanjay Budhia, Chairman, CII National Committee on Trade thanked Mr. Sharma for coming out with an ambitious and long-term vision in the Foreign Trade Policy.
Source : machinist.in