The Union Minister of Commerce and Industry, Anand Sharma said that the Foreign Trade Policy that has been unveiled recently, will have a positive impact on the growth of the Indian exports in long-term.
Sharma pointed out during a conference organized by FICCI in New Delhi on Friday, that there is a need to create new markets as the major world economies are under great trouble. He expressed his hope that the new FTP will help exports to bounce back.
The Commerce Minister mentioned that the new two-year trade policy aimed at stability and continuity, technological upgradation, diversification and market expansion, reduction in transaction costs and focuses in giving the labour intensive export-oriented sectors a boost.
He said that they (the ministry) is waiting for the revival of the western economy, especially in the key export markets such as US and Europe. The economy of US and Europe should take a fillip in their growth.
"Recovery can take place...somewhere as V-shape and somewhere as U-shape but the recovery will take place definitely. We are waiting for the recovery to take place. However, we would also be pro-active in our engagements with the world." he added.
"Until and unless there is a recovery or a turn around in the major markets, we cannot expect much. There is a negative growth in those economies...," Sharma added.
The minister is positive about doubling India’s trade volume by 2014 and doubling India’s share of global trade in percentage terms by 2020.
Sharma also said, "The Foreign Trade Policy has sought to rationalize and simplify procedures and duties across-the-board. The Directorate General of Foreign Trade (DGFT) is trying to implement e-governance in trade for the benefit of exporters."
"We have started with nine products and services with five states and hope that by 2015 all states will be covered by this initiative. Our hope is that the states, across party lines, will come on board to support the initiative to make exports competitive."
Moreover, it was also clearly stated by the Commerce Secretary, Rahul Khullar that the issue of dollar credit would be made available to exporters.
However, it was also proposed by the industry stalwarts that there should be speedy action on reimbursement of state-level taxes and levies as the impact of such imposts ranged between 3% and 12% of the fob value of exports.
In fact, there should be exemption of service tax for all services, expeditious reimbursement of tax claims and greater incentives for services exports.
Sharma pointed out during a conference organized by FICCI in New Delhi on Friday, that there is a need to create new markets as the major world economies are under great trouble. He expressed his hope that the new FTP will help exports to bounce back.
The Commerce Minister mentioned that the new two-year trade policy aimed at stability and continuity, technological upgradation, diversification and market expansion, reduction in transaction costs and focuses in giving the labour intensive export-oriented sectors a boost.
He said that they (the ministry) is waiting for the revival of the western economy, especially in the key export markets such as US and Europe. The economy of US and Europe should take a fillip in their growth.
"Recovery can take place...somewhere as V-shape and somewhere as U-shape but the recovery will take place definitely. We are waiting for the recovery to take place. However, we would also be pro-active in our engagements with the world." he added.
"Until and unless there is a recovery or a turn around in the major markets, we cannot expect much. There is a negative growth in those economies...," Sharma added.
The minister is positive about doubling India’s trade volume by 2014 and doubling India’s share of global trade in percentage terms by 2020.
Sharma also said, "The Foreign Trade Policy has sought to rationalize and simplify procedures and duties across-the-board. The Directorate General of Foreign Trade (DGFT) is trying to implement e-governance in trade for the benefit of exporters."
"We have started with nine products and services with five states and hope that by 2015 all states will be covered by this initiative. Our hope is that the states, across party lines, will come on board to support the initiative to make exports competitive."
Moreover, it was also clearly stated by the Commerce Secretary, Rahul Khullar that the issue of dollar credit would be made available to exporters.
However, it was also proposed by the industry stalwarts that there should be speedy action on reimbursement of state-level taxes and levies as the impact of such imposts ranged between 3% and 12% of the fob value of exports.
In fact, there should be exemption of service tax for all services, expeditious reimbursement of tax claims and greater incentives for services exports.
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