Economy

Trade policy gets thumbs up from India Inc

Our Bureau New Delhi | Updated on June 05, 2012

Exporters and industry have hailed the trade policy supplement as timely and said it will help make Indian goods competitive in the world market.

Mr M. Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO), said that in the wake of contraction of global demand and Euro Zone crisis, the support extended through the Foreign Trade Policy was “tremendous” and will help in imparting competitiveness to exports.

“The extension of interest subvention to include a larger basket of goods till March 2013 is a great relief to export sectors,” said Mr Ahmed.

Dr A. Sakthivel, Chairman, Apparel Export Promotion Council, expressed happiness on all the demands of the garment export industry being granted, including 2 per cent interest subvention, 2 per cent Market-Linked Focus Product Scheme for the US and EU, and for giving a new post-export EPCG Scheme.

The CII President, Mr Adi Godrej, welcomed most measures adding, “All these measures would definitely give a boost to Indian exports and would help India achieve its export target of $500 billion by 2013-14”.

CII also said that there is a need to work on port and freight infrastructure, which continue to be a hindrance for exports.

Revision of SEZ and 100 per cent export oriented unit schemes, which have been deferred, should be addressed soon, CII said.

The FICCI President, Mr R.V. Kanoria, said that these measures will help boost exports and achieve this year's target of 20 per cent increase in exports.

“We compliment the Commerce and Industry Minister for announcing initiatives towards employment creation and promoting technological upgradation of exports.  The positive move of allowing duty-free scrips under export promotion schemes for payment of excise duty is worth special mention,” observed Mr Kanoria.

Published on June 05, 2012

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