“The Invest India company, a joint venture between the Department of Industrial Policy & Promotion and Ficci, would be funded by the government and managed by the chamber,” Union Commerce & Industry Minister Kamal Nath said at the National Seminar on Foreign Trade Policy here. The company would be set up in the next two months, Mr Kamal Nath added.

Seeks suggestions

While inflation was a concern that should be dealt with by managing supply side constraints, Mr Kamal Nath said the foreign trade policy review unveiled on Friday seeks to enlarge India’s trade basket with the inclusion of high value-added manufactured products and items such as fruits and vegetables.

“We invite suggestions from industry within 15 days on the Focus Product & Focus Market schemes announced in the trade policy review,” he said, adding that these schemes would help exporters to access existing markets with new products and penetrate the hitherto untapped regions.

The objective, he said, was to continue to build on the economic momentum that the country has gained and make a serious bid to attain the export target of $200 billion in 2008-09.

In this context, he described the talk of India’s competitiveness being impacted by China’s performance as a ‘’bogey’’. ‘’In fact, China’s competitiveness was going to change and that gives me the confidence that $200 billon target was achievable,’’ he pointed out.

Ficci Senior Vice President Harsh Pati Singhania called forcontinuation of DEPB scheme till such time as a suitablereplacement was put in place. He emphasised the need for neutralisation of state taxes and mooted income tax benefits be extended to STPs as has been done for EOUs.