Friday, April 8 2005 12:55 Hrs (IST) - World Time -

New Delhi: With India's exports touching $ 80 billion in 2004-05, Government today (Apr 8, 2005) announced a slew of measures in the new Foreign Trade Policy (FTP), aimed at taking the exports to $ 92 billion in the current fiscal.

Announcing the Policy, Commerce and Industry Minister Kamal Nath outlined a number of steps to streamline procedures and laid thrust on agri exports, including removal of exports' cess on farm and plantation commodities.

The Policy includes a special package for the tsunami-hit marine sector, new initiatives in infrastructure to ease congestion at major ports and a reoriented Export Promotion Credit Guarantee Scheme.

Nath said the popular Duty entitlement Passbook Scheme will continue for the time being and the replacement scheme was being finalised.

Under the re-oriented EPCG scheme, farm and Small Scale Industries (SSI) sectors will get additional benefits, Nath said adding the scheme has also been operationalised for the retail sector.

It has also been extended to minor ports, Inland Container Depots and Container Freight Stations, he said.

Nath proposed to set up an Inter-State Trade Council for improved coordination between the states and the Centre with regard to trade.

Unveiling a major initiative towards procedural simplification and cutting transaction costs, he launched a single common application form 'AyaatNiryat' in place of the bulky 104-page form for traders.

In services exports, Nath said goods imported under Served from India scheme would be transferable within group companies and managed hotels to enable service providers to upgrade infrastructure in their associated companies.

This provision will allow bulk sourcing and better utilisation of entitlement.

In order improve quality and prevent copying, Nath announced a trademark for handloom sector on the lines of woolmark and silk mark.

To encourage allied agri sector, the Minister proposed to grant five per cent duty credit for exports of dairy and poultry products under the Vishesh Krishi Upaj Yojana.

Nath announced a special package for Export-Oriented Units (EOU) under which a simplified procedure has been put in place for units de-bonding from EOUs.

Similarly, capital goods can be transferred to other units by simply intimating Central excise and development commissioner. EOUs can also claim IT exemption within 10 months from the date of exports.

Nath also outlined a number of concrete measures to enhance competitiveness of manufacturing.

Hereafter, no safeguard and anti-dumping duty would be levied on inputs under the Advance Licence for deemed exports supplies made to international competitive bidding projects.

To promote accelerated export performance, balance export obligations will be waived for the exporters completing 75 per cent of their export obligations in half the period.