<p>Amid tepid demand for Indian exports in traditional markets of the US and Europe, the government, on Monday, unveiled a 7-point strategy to boost shipments and added fourteen new markets to its existing list of global export destinations.<br /><br /></p>.<p>The new markets include Austria, Myanmar, the Netherlands, Ukraine, Morocco and Uruguay. Unveiling the annual supplement to the Foreign Trade Policy 2009-14, Commerce Minister Anand Sharma also announced extension of interest subsidy scheme for exporters by a year till March 31, 2013. <br /><br />“We have now decided to extend the scheme (interest subvention) for another year till March 31, 2013 and expand its coverage to include other labour-intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments,” Sharma said. <br /><br />“The underlying philosophy of this year’s supplement is based on seven broad principles,” he said, adding that these would include added thrust on employment-intensive industry and the continuation of market diversification strategy.<br /><br />The minister also exuded confidence that India would be able to sustain a 20 per cent export growth to $360 billion in the current fiscal. India’s exports grew 21 per cent in 2011-12 to touch $303 billion.<br /><br />Under the proposed interest subvention scheme, a 2 per cent interest subsidy will be given to handlooms, handicrafts, carpets and the small-scale sector. Sharma also said that new guidelines to revamp Special Economic Zones (SEZ) and Export Oriented Unit (EOU) schemes were in the pipeline to give a push to exports.<br /><br />“These measures will infuse necessary confidence in the exporting community and provide required dynamism even during this gloomy time,” Sharma said. <br /><br />In order to reduce transaction costs, the Foreign Trade Policy (FTP) also introduced a new post-export Export Promotion Credit Guarantee (EPCG) scheme, which will provide flexibility to exporters for importing capital goods.<br /><br />Under this, exporters will be entitled to obtain duty-free scrip in proportion to the actual exports. Sharma said that the decision has been taken to promote domestic manufacturing and value-addition and employment, which will be a significant measure of import substitution. <br /><br />Analysts said that the inclusion of Myanmar in the list of new overseas markets is likely to benefit shipments from four north-eastern states namely, Mizoram, Manipur, Nagaland and Arunachal Pradesh, with whom Myanmar shares a common border. India Inc and exporters hailed the FTP saying it would help sustain the export growth momentum amid global uncertainties.<br /><br />“We welcome the FTP announcements. The policy will help exports a lot during the time when there are economic problems in the US and European markets,” FICCI President R V Kanoria said.<br /><br />The Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said that the measures would have a lasting and positive impact on the country’s trade.<br /></p>
<p>Amid tepid demand for Indian exports in traditional markets of the US and Europe, the government, on Monday, unveiled a 7-point strategy to boost shipments and added fourteen new markets to its existing list of global export destinations.<br /><br /></p>.<p>The new markets include Austria, Myanmar, the Netherlands, Ukraine, Morocco and Uruguay. Unveiling the annual supplement to the Foreign Trade Policy 2009-14, Commerce Minister Anand Sharma also announced extension of interest subsidy scheme for exporters by a year till March 31, 2013. <br /><br />“We have now decided to extend the scheme (interest subvention) for another year till March 31, 2013 and expand its coverage to include other labour-intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments,” Sharma said. <br /><br />“The underlying philosophy of this year’s supplement is based on seven broad principles,” he said, adding that these would include added thrust on employment-intensive industry and the continuation of market diversification strategy.<br /><br />The minister also exuded confidence that India would be able to sustain a 20 per cent export growth to $360 billion in the current fiscal. India’s exports grew 21 per cent in 2011-12 to touch $303 billion.<br /><br />Under the proposed interest subvention scheme, a 2 per cent interest subsidy will be given to handlooms, handicrafts, carpets and the small-scale sector. Sharma also said that new guidelines to revamp Special Economic Zones (SEZ) and Export Oriented Unit (EOU) schemes were in the pipeline to give a push to exports.<br /><br />“These measures will infuse necessary confidence in the exporting community and provide required dynamism even during this gloomy time,” Sharma said. <br /><br />In order to reduce transaction costs, the Foreign Trade Policy (FTP) also introduced a new post-export Export Promotion Credit Guarantee (EPCG) scheme, which will provide flexibility to exporters for importing capital goods.<br /><br />Under this, exporters will be entitled to obtain duty-free scrip in proportion to the actual exports. Sharma said that the decision has been taken to promote domestic manufacturing and value-addition and employment, which will be a significant measure of import substitution. <br /><br />Analysts said that the inclusion of Myanmar in the list of new overseas markets is likely to benefit shipments from four north-eastern states namely, Mizoram, Manipur, Nagaland and Arunachal Pradesh, with whom Myanmar shares a common border. India Inc and exporters hailed the FTP saying it would help sustain the export growth momentum amid global uncertainties.<br /><br />“We welcome the FTP announcements. The policy will help exports a lot during the time when there are economic problems in the US and European markets,” FICCI President R V Kanoria said.<br /><br />The Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said that the measures would have a lasting and positive impact on the country’s trade.<br /></p>
