Exporters to get more incentives in FTP

Commerce and Industry Minister Anand Sharma said  Finance Minister Pranab Mukherjee has accepted most of the recommendations made by the ministry like extension of interest subsidy, insurance scheme till March 2010 and abolition of Fringe Benefit Tax in the Budget presented on Monday.

He said announcements made in the Budget are important decision which would have a positive impact on exports in the months to come.

Sharma said there may be more incentives for exporters in the FTP.
“When it (FTP) comes out I hope that there will be a vision, there would be incentives which would help in short term or in the immediate term,” he said.

He, however, did not disclose any further details.

After registering a handsome growth rate of over 30 per cent in the first half of the current  fiscal, India’s exports entered the negative zone in October 2008. In the previous fiscal , the overseas shipments grew barely by 3.4 per cent to $(US)  168.7 billion.

Sharma said the ministry would review India’s export performance by year-end.