The government will present the revised annual foreign
trade policy for 2007-08 on 19 April amid fears that
the country may miss the $125-billion export target
for 2006-07 with a strengthening rupee and a global
and industry minister Kamal Nath will present the annual
foreign trade policy review for 2004-09. But, with the
finance ministry opposing any sops for exporters, the
stakeholders do not expect any big-bang announcements
only exception could be for agricultural exports, which
are likely to get a boost. Agricultural production has
been lagging at a mere 2.7 per cent while overall GDP
in the country grew by 9.2 per cent.
government is likely to expand the Vishesh Krishi Upaj
Yajona, which provides duty-free credit entitlement,
including more products, to benefit an increased number
of farmers. At present, it covers only fruits, vegetables,
flowers, minor forest produce and t heir value added
exports of sectors with large export potential like
leather, handicrafts and textiles are not keeping pace
with overall growth, the policy may make an attempt
to address these issues at least to the extent of simplifying
the decision to extend the most popular ''duty entitlement
passbook scheme'' (DEPB) has been taken, the announcement
may be made in the policy. The government wanted to
replace DEPB with a wider scheme that was WTO-compliant
but met with resistance fro m the finance ministry.
stakeholder inputs have been taken into account in fine-tuning
the elements of the annual supplement to the foreign
trade policy through consultations," the commerce
ministry said in a statement.
foreign trade policy, also announced by Nath on 31 August,
2004, took an integrated view of the overall development
of doubling India''s share in global merchandise trade
by 2009 and act as an effective instrument of economic
growth by giving a thrust to employment generation.
merchandise exports since the announcement of the policy
have risen sharply, from $53 billion in 2003-04 to cross
the landmark figure of $100 billion in 2005-06.