Welcoming the new Foreign Trade Policy FICCI President Mr Harsh Pati Singhania said "The dynamic initiatives announced by the Commerce Minister towards expansion and diversification of export markets, technological upgradation, increased flexibility and procedural simplifications will help our exporters retain market share, and will hopefully reverse the declining trend in our exports."
Particularly welcome are the measures for labour-intensive sectors including marine products, gems & jewellery, textiles, handicrafts, leather etc that have been adversely impacted due to the slowdown, FICCI President observed.
"While enhanced benefits for market development and promotion schemes would enable the exporting community to explore new export destinations, incentives for technological upgradation such as zero duty EPCG benefit and 1% additional duty credit for status holders for several important sectors would greatly help in stepping up India's competitiveness" Mr Singhania pointed out."
"FICCI expressed satisfaction that several of its demands and suggestions have been accepted in the new policy. The apex Chamber welcomed extension of DEPB scheme till end-2010, initiatives for upgradation of export infrastructure, and measures aimed at lowering transaction costs. Support for "green products" and exports of select items originating from the North-East region is a positive step."
"Even though drawing up a new foreign trade policy in the current difficult times is a tough task, the Commerce Minister has presented a reasonably good blueprint for taking our exports to $ 200 billion in next two years", Mr Singhania remarked.
Federation of Indian Chambers of Commerce and Industry
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