Centre mulling country-specific export schemes

Centre mulling country-specific export schemes

Mid-term review of foreign trade policy to be out in mid-2011, says Sharma

Centre mulling country-specific export schemes

Union Minister for Commerce and Industry Anand Sharma releasing a strategy paper on engineering exports as EEPC India Vice Chairman Anupam Shah looks on in New Delhi on Tuesday. PTI

“We’ll come out with it some time in the middle of next year. We will add on some sector-specific and country specific incentives to boost overall export,” he said.

The current FTP for a time frame of five years (2009-14), which was unveiled in August last year, is doing well with focus being given on boosting export to 39 high potential countries, he said. “The Directorate General of Foreign Trade is regularly reviewing performance of various sectors of export. If it is felt necessary that sector and country specific measures are needed to boost export we will incorporate these when we will come out MTR of the FTP,” Sharma said.

Asked about export performance during 2009-10 he said “though there is recovery in export there may be a 10 per cent fall compared to previous fiscal figure.”

Hike in duty
Further, while indicating that there could be an increase in the duty on iron ore, he said “with the gradual recovery in the global demand for iron ore there is now an upswing in export of iron ore especially iron ore fines. The domestic demand for iron ore fines is very less. So there is enough room for export,” he said.

Earlier, Sharma released a Strategy Paper that has set a target of $110 billion by 2014 for total engineering exports.“This, indeed, is a robust target and if engineering is able to maintain its share of nearly 22 per cent in total exports then by 2014, India’s total exports should be in the range of 500 billion dollars,” he said.