APN News

  • Wednesday, August, 2020| Today's Market | Current Time: 02:03:08
  • Another export sector reveiw in December: Sharma

    Published on August 24, 2010

    A day after announcing export support measures, Commerce and Industry Minister Anand Sharma said his Ministry would conduct another review of the impact of the trade policy and performance of different sectors in December.

    “We will have another sectoral review in December,” Sharma said at a seminar on Foreign Trade Policy organised by industry body Ficci.

    Following the Foreign Trade Policy 2009-14 unveiled in August 2009, the Commerce Ministry had conducted two sectoral reviews in November 2009 and April 2010.

    While expressing confidence that India would be able to achieve export target of USD 200 billion this fiscal, Sharma cautioned exporters of the continuing uncertainty in the global economy. “…there would be bumpy rides,” he said.

    After posting a robust growth of over 32 per cent in the first quarter of 2010-11, India’s exports slumped to 13 per cent in July due to sluggish demand in its traditional markets of the US and EU.

    Earlier, speaking at a similar event organised by CII, the Minister said sops for the exporters announced in the annual supplement to FTP would work out to be more than Rs 1,050 crore.

    “It is much more…(by) a quick check and calculation, industry captains will realise the number is much more than Rs 1,050 crore,” Sharma said without elaborating on the exact revenue implications of the sops.

    On Monday, Sharma had indicated the revenue implications for the sops would be about Rs 1,050 crore.

    The Minister further said the supplement has provided predictability for the industry as most of the schemes announced in August have been retained.

    Schemes like DEPB, zero duty Export Promotion Capital Goods and Status Holders scheme have been extended by six months to one year.

    On the high transaction costs of exports in India, Sharma said railways and shipping Ministries should come out with ways to reduce the freight charges.

    The government has also set up a task force under State Minister for Commerce Jyotiraditya Scindia to come out with recommendations to reduce transaction costs estimated at 7-8 per cent of the export value.