Home / Knowledge / News / Mr Nath unveils Final Annual Supplement to FTP
Mr Nath unveils Final Annual Supplement to FTP
12
Apr '08
Shri Kamal Nath, Union Minister of Commerce and Industry, while releasing the Annual Supplement to Foreign Trade Policy, has stated that the Foreign Trade Policy initiatives in the last four years has resulted in increased trade activity and has generated additional employment of 136 lakh.

The Minister stated that exports are not just about earning foreign exchange, but about boosting manufacturing sector, creating large scale economic activities and generating employment opportunities.

India's total merchandise trade (both exports and imports) will be US $ 400 billion during 2007-08, accounting for nearly 1.5% of world trade.

The Minister stated that if trade in services is added, our commercial engagement with the world would be to the tune of US $ 525 billion. Shri Kamal Nath said that the new Foreign Trade Policy (2004-09) has more than doubled India's exports in 4 years.

The country's exports in 2007-08 has exceeded US $ 155 billion from US $ 63 billion in 2004, registering a cumulative annual growth rate (CAGR) of 23%, year on year, way ahead of the average growth rate of international trade.

Lauding the achievements in exports that have been accomplished in the face of appreciation of rupee, high interest rates, spiraling oil prices, slow down in major trade markets, and withdrawal of some GSP benefits to India by other countries, Shri Kamal Nath stressed that India should achieve 5% share of world trade by 2020.

“As a means to achieve this, an export target of US $ 200 billion has been set for 2008-09”, he added. Congratulating the exporters for their resilience, the Minister announced a slew of innovative steps in the final annual supplement to FTP 2004-09, viz, extension of DEPB scheme till May 2009; interest at 6% for delayed refunds; reduction of customs duty payable under EPCG scheme from 5% to 3%; lowering of average export obligation under EPCG scheme; extension of income tax exemption to 100% EOUs beyond 2009; additional duty-free credit of 2.5% under VKGUY; additional credit of 5% for sports and goods industries under Focus Product Scheme; special focus initiative for IT sector; ensuring zero-rating of exports as far as domestic taxes are concerned; enhanced incentive of 2.5% under Focus Product Scheme; addition of 10 more countries in the Focus Market Scheme; inclusion of IT and ITES and R&D in natural sciences under the Industrial Park Scheme; establishment of EPC for Telecom; extension of re-import of branded jewellery to one year.


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search