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last activity : 07 06 2010 20:18:04 +0000
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The government recently announced the Foreign Trade Policy for the next 5 years.. the policy states that the government wants to double the exports by 2014 and double the share into world exports by 2020. Here are highlights of the Foreign Trade Policy Announced...
1.26 new markets have been added under Focus Market Scheme (FMS).
2. Incentive available under FMS raised from 2.5% to 3%.
3. Incentive available under Focus Product Scheme (FPS) raised from 1.25% to 2%.
4.The government Widens scope for products to be included for benefits under FPS. Additional engineering products, plastic and some electronics get a look in.
5.Market Linked Focus Product Scheme (MLFPS) expanded by inclusion of products like pharmaceuticals, textile fabrics, rubber products, glass products,auto components, motor cars, bicycle and its parts.etc. Benefits to these products will be provided, if exports are made to 13 identified markets (Algeria, Egypt, Kenya, Nigeria,South Africa, Tanzania, Brazil, Mexico, Ukraine, Vietnam, Cambodia, Australia and New Zealand).
6.To aid technological upgradation of export sector, EPCG Scheme at Zero Duty has been introduced.
7. Jaipur, Srinagar and Anantnag have been recognised as‘Towns of Export Excellence’ for handicrafts; Kanpur,Dewas and Ambur for leather products; and Malihabad for horticultural products.
8. Export obligation on import of spares, moulds etc. under EPCG Scheme has been reduced by 50%.
9. Taking into account the decline in exports, the facility of Re-fixation of Annual Average Export Obligation for a particular financial year in which there is decline in exports from the country, has been extended for the 5 year Policy period 2009-14. Support for Green products and products from North East
10. Focus Product Scheme benefit extended for export of ‘green products’and some products from the North East.
11.To neutralize duty incidence on gold Jewellery exports, it has now been decided to allow Duty Drawback on such exports.
12. In an endeavour to make India a diamond international trading hub, it is planned to establish “Diamond Bourse(s)”.
13. Other sectors which incentives are given are Tea, Pharma and Handloom.
14. The policy also states the commitment of the government to reduce the transaction costs.
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