Industry & Economy
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Exim Policy
`Target Plus' will pep up new investments'
Our Bureau
Coimbatore
,
Sept.1
THE provisions of the `target plus' scheme announced in the new foreign policy will encourage new investments and undertaking of fresh contracts at competitive price, said the Indian Chamber of Commerce and Industry, Coimbatore.
In its reaction to the five-year new policy pronouncements from the Union Commerce Minister, Mr Kamal Nath, the chamber President, Mr A. Sakthivel, said the facility of transferring of capital goods under the EPCG scheme to the group companies would provide a level playing field for apparel exporters.
The continuation of the DEPB scheme would be a great relief to the garment exporters for finalising their export contracts that remained pending.
While the exemption from the service tax for the export-oriented units is welcome, the chamber felt the same facility should have been given to the domestic tariff area units as well since the service tax would be first collected from the latter.
It felt that import of second-hand capital goods of any age allowed under the new policy would enable fresh capital investment in modernisation of the apparel industry, he added.
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