Financial Daily from THE HINDU group of publications
Wednesday, Jun 23, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 23, 2004 |
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Industry & Economy
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Foreign Trade Chamber hails proposal for comprehensive NFTP Our Bureau
New Delhi , June 22 THE PHD Chamber of Commerce and Industry (PHDCCI) has welcomed the Government's proposal for a comprehensive National Foreign Trade Policy (NFTP). The Chamber has said that there should be a single point interface between the various government departments and the exporters to reduce the high procedural transactions costs facing Indian exports. "The NFTP should, at least in the medium term, lead to a significant diversification in the export basket and a discernable movement up the value chain. Similarly, diversification in our export markets and the tapping of new markets should also be a central focus of the NFTP," Mr Ravi Wig, President, PHDCCI, said in a release here today. According to PHDCCI, the Government must also review its recent decision by which the grants to exporters can be availed of under the Market Development Assistance (MDA) scheme, only if Export Promotion Councils (EPCs) sponsor the events. This has considerably reduced the scope of the scheme, the Chamber said, adding that there was need for enlarging the scope of the scheme and the Government should be more liberal in giving grants to exporters. The Government, in the NFPT, must also address the problems faced by smaller exporters in getting export credit. PHDCCI has said that the proposed NFTP should also ensure that the funds are allocated under the Assistance to States for Infrastructural Development for Exports (ASIDE).
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