The Foreign Trade Policy will make the existing export promotion schemes for services more effective and also try to introduce new ideas for giving greater thrust to the sector, Commerce Secretary Rajeev Kher has said.

"We already have an export promotion scheme for services which we are trying to make more effective. We will also try to come up with some new ideas for the sector, " Kher said talking to reporters on the sidelines of the two-day services conclave. It jointly organised by the Commerce Ministry and Industry body CII.

The Commerce Secretary, however, did not specify when the FTP can be expected. "I hope it is soon," he said non-comittaly.

While the BJP Government announced the Union Budget in July, it is yet to come up with a new policy for exporters and importers.

The biggest concession that the services sector can hope for in the new FTP is transferability of import duty exemption scrips earned under the 'Served from India' scheme. At present, sectors such as hospitality, that earn substantial foreign exchange, are not able to use the scrips as they don't import much. "If the services sector is allowed to sell it to those who can use it, they can utilise the benefits of the scheme," an official in the Commerce Ministry said.

The share of services in the country's GDP was 57 per cent in 2013-14. Exports of services during the year is estimated at $151.47 billion compared to goods exports worth $ 312.5 billion.

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