New Delhi, July 18 The concerns of exporters and trade bodies will be looked into while formulating the Foreign Trade Policy next month. The Government will also focus on diversifying the country’s merchandise exports to untapped markets, the Minister of Commerce and Industry, Mr Anand Sharma, said.
“We will look at diversification. We have been discussing this with the industry. Those continents that have not been traditional destinations of Indian exports should be covered. We will be putting some more emphasis on that,” he added.
He said the new trade policy would contain a mix of fiscal incentives as well as simplification of procedures, even as the Government may announce some new measures while deciding to continue certain others.
Softening hassles
During his interactive meeting with the CII and Federation of Indian Export Organisations (FIEO), he stated that inputs provided by the industry and exporters will help in softening procedural hassles as well as reforming trade.
Mr Sharma said the Board of Trade, headed by him, will meet in the first week of August, before unveiling the new FTP.
Highlighting needs
While the FIEO representatives requested for the enhancement and continuation of incentives under various export promotion schemes, the Confederation of Indian Industry (CII) highlighted the bottlenecks being faced by different sectors.
The CII, in its presentation stressed on raising the share of goods and services exports in Indian GDP and wished for raising India’s share in global services exports in the next five years.
Wish list
“The FIEO has sought the enhancement of incentives under various promotional schemes, duty free fuel for exports and scheme to rebate State taxes. Indian exports suffer due to global slowdown as they are mostly in price sensitive segments. Very few exports are being done in the individual brand of the company,” Mr A. Sakhtivel, President of FIEO, said.
Source : Business Line