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New FTP: A path breaking policy recognising global challenges
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Saurabh Gupta | 03 Apr, 2015
Hailing the new Foreign Trade Policy (FTP) as a path breaking
policy, President of Federation of Indian Export Organisations (FIEO), S
C Ralhan Friday said that the new policy recognises the global
challenges faced by the export sector and also identify the potential
sectors which could emerge as winners in next 5 years.
He
said, "The policy aims to achieve a compound annual growth rate of
11.5 percent so as to increase the merchandise and services exports from
USD 466 billion in 2013-14 to USD 900 billion by 2019-20."
"The
new Foreign Trade Policy has put focus on states as all factors of
production are within the ambit of States. Developing an export
strategy, setting up of institutional support of Export Commissioners
and formation of Council for Trade Promotion and Development would
involve States in export promotion which was seriously lacking," he
added.
With Prime Minister Narendra Modi's
"Make in India" initiative in the backdrop and a target of raising
India's exports to USD 900 billion by 2020 the government on Wednesday
unveiled a new five-year Foreign Trade Policy.
Ralhan
said that Defense, Pharmaceuticals, Hi technology products, project
exports, green and environmental friendly goods and E commerce will be
India's exports strength in next few years.
FIEO Chief
said that the new Foreign Trade Policy has recognized the potential of
Services exports by treating them at par with merchandise sector for the
grant of export benefit under SEIS. Moreover, Inter-Ministerial agenda
for Services exports will unleash the potential of the sector.
The
new policy has come at a time when India's merchandise exports continue
to log a decent growth, having expanded by just 0.88 percent in the
first 11 months of the current fiscal.
Simplification of schemes
with doing away of multiple schemes, acceptance of self declaration by
certain status holders, online filing of applications, online
inter-ministerial consultation, initiatives are in line with Digital
India and Ease of Doing Business.
The Foreign Trade
Policy has also integrated the Make in India by encouraging exporters to
procure capital goods domestically under EPCG Scheme with lesser export
obligation and additional benefit under Merchandise Export from India
Scheme for higher domestic procurement. Further, extending the export
benefits to units in SEZ/EOUs would boost manufacturing too.
The
new Foreign Trade Policy has paid special emphasis on the export of
quality products which will further enhance the credibility of India in
the global market and help the country to integrate into Global Value
Chain.
The Interest Subvention Scheme for the export
sector should be announced immediately so that a stable framework both
of the Foreign Trade Policy and Credit support is available to the
exporters to do their costing for fetching new orders, added FIEO President.
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SEE ALSO
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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