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The Directorate General of Foreign Trade (DGFT) has said it will be selective in providing incentives for exports.
“We have a limited kitty and we have to operate within the Budget given by the Finance Ministry,” said DGFT Director-General Pravir Kumar while addressing the members of the Confederation of Indian Industry (CII) here.
The Government has to be selective about the sectors which need support under the Chapter 3 schemes, he added.
Chapter 3 schemes include the popular Focus Product, Focus Market and Market-Linked Focus Product schemes, under which incentives are given to exporters to sell identified products and target select markets.
The DGFT is in the process of formulating a Foreign Trade Policy (FTP), Kumar said.
“We have compiled all the suggestions and are now working out the issues that we can resolve and the issues where we need the support of other departments of the Government,” he said adding that the foreign trade policy will be compliant with WTO guidelines. The FTP will follow the Union Budget next week.
Out to promote“The role of the DGFT is now to promote and develop exports and we will help where ever we can as our endeavour is to reduce the transaction cost and make trade as simple as possible,” said Kumar.
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