Govt unveils FTP, eyes $92 B exports in 2005-06

By agencies   |   Friday, 08 April 2005, 19:30 IST
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NEW DELHI: Eyeing $92 billion exports this fiscal, the Government today unleashed major policy initiatives in the Foreign Trade Policy that aims at removing procedural hurdles, boosting retail sector and exports of agriculture, marine and SSI products. Launching the annual supplement to the policy, Commerce Minister Kamal Nath said export cess on agriculture and plantation commodities have been removed to give a big thrust to farm exports and announced new initiative to reduce congestions at major ports. The measures to boost agriculture exports include expansion of the “Vishesh Krishi Upaj Yojana” to poultry and dairy products apart from flowers, fruits, vegetables and minor forest produce. Under the scheme, duty credit at the rate of five per cent of Freight on Board will be given. Announcing a special package for marine exports hit by tsunami, Nath said the policy would allow import of monofilament long line system for tuna fishing at concessional duty. Certain special flavorings and ingredients for seafood processing would be allowed to be imported duty free. Nath launched an overhauled EPCG package to provide special thrust to agriculture, SSI, retailing and port handling services besides special measures for Export Oriented Units. The popular duty neutralization scheme, Duty Entitlement Passbook Scheme will continue till a new scheme is put in place, he said.