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Continuity & stability the corner stones of new policy
25
Aug '10
The annual supplement to the Foreign Trade Policy (2009-14) announced, has provided continuity and predictability to government's policy making process, by continuing with various export promotion schemes such as DEPB, zero duty EPCG scheme, said Mr. Anand Sharma, Minister of Commerce and Industry, Government of India.

He said the aim of the Foreign Trade Policy is to arrest and reverse the downward trend in India's exports growth and added that even though the exports have recovered the future continues to remains uncertain.

Speaking at the Export Summit and Interaction on Foreign Trade Policy organised by the Confederation of Indian Industry (CII), he assured India's exporters of government's continuous support and added that in a democratic setup government is not divorced to the concerns of industry and civil society. He also informed about the serious engagement with industry on reducing transaction costs for Indian exporters and expressed hope of reducing these costs by almost 40% in less than 2 months.

On the rising threat of protectionism from developed countries, he said there was a need to give fresh impetus to free trade and urged all key interlocutors to signal political intent to successfully conclude the Doha Round. He said, India is regularly engaged with WTO member countries and will try to arrive at a consensus, which leads to free and fair trade.

On increasing India's agricultural exports, Mr. Sharma expressed the need to raise India's agricultural land productivity and reduce post harvest losses of agricultural products. He also assured India's exporters that government is sensitive to the concerns of SEZ producers and developers and added that the Department of Commerce has taken up the issue of SEZ developers with the Finance Minister and the Prime Minister.

Dr. Rahul Khular, Secretary, Department of Commerce, said India is taking up the issue of rising threat of non-tariff barriers with various countries at a bilateral level. He however expressed concern about the increased use of non-tariff barriers by developed countries for the protection of domestic industry. On the concerns of SEZ developers in the Direct Tax Code (DTC), he assured the industry that their concerns would be taken up in a fair and an equitable manner in the revised version of DTC.

Earlier Mr. Hari Bhartia, President, CII apprised Mr. Sharma about the concerns faced by Indian exporting community. He said the issue of high cost of credit and power and the inefficiencies in infrastructure in India continue to act as a disadvantage for Indian exporters.

Confederation of Indian Industry (CII)

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