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Foreign Trade Policy revision may focus on employment & export promotion

Mar '07
The recent Board of Trade Meeting held under the Chairmanship of Union Minister of Commerce & Industry, Shri Kamal Nath, had emphasized the need to make some positive policy announcement to increase India's Exports and reduce transaction cost.

The Annual revision of Foreign Trade Policy likely to be announced in the first week of April, 2007 may provide special package for the growth of labour- intensive and employment oriented export sectors like Textiles, Garments, Handicrafts, Handloom and Leather and Leather Products.

I feel that the Ministry would have to address the issues to generate more employment in the labour-intensive and Export-Oriented Manufacturing Units.

There is also need to provide adequate export credit at reasonable rate of interest to promote our exports. The transaction cost will have to be reduced to enable Indian Export Industry to compete in the International market.

The modified Duty Entitlement Passbook Scheme(DEPB) may be announced to help the exporters.

I do hope that Commerce and Industry Minister would give due consideration to various representations submitted by the garment exporters for grant of adequate commercial relief to meet the challenges of quota-free regime.

The Ministry of Commerce may also propose some incentives for focus products and focus market schemes.

The policy may announce some procedure for easy refund of service tax, fringe benefit tax to exporters.

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