'Pragmatic trade policy on April 18 will boost exports'
Posted on: 02:20 PM IST Apr 03, 2013
New Delhi: Faced with muted exports, the government on Wednesday said it will come out with a "pragmatic" Foreign Trade Policy (FTP) on April 18, which among other things, would provide incentives to push shipments.
"A forward looking pragmatic foreign trade policy will be announced on April 18," Commerce Minister Anand Sharma said while addressing the CII AGM here.
The Minister has already held detailed consultations with the Finance Minister P Chidambaram on contours of the package to boost exports, to be announced as part of the FTP.
During April-February 2012-13, exports declined by 4 per cent to USD 265.95 billion. Sectors like engineering and textiles are registering negative growth. These segments are likely to get some sops in the FTP.
According to sources, exporters are likely to get benefits under focus product and focus market scheme. Special Economic Zones, which contribute about 30 per cent of the country's overall exports, are also expected to get incentives.
These would help in boosting exports and bridging the widening trade deficit, which has touched USD 182.1 billion in the 11-month period of the last fiscal. Last time, in December 2012, the government had announced incentives for exporters that include extension of two per cent interest subsidy for one more year till March 2014.