BNCCI wlcomes country's huge export growth

Kolkata, Apr 07 (UNI) Bengal National Chamber of Commerce and Industry (BNCCI) and the Bharat Chamber of Commerce (BCC) today welcomed the annual supplement to the country's Foreign Trade policy as announced by the Union Commerce Minister in New Delhi today.

Describing the measures it had recommended as "very positive" and in right directions, both BNCCI president Nayantara Pal Chowdhury and his counterpart in BCC Santosh Rungta in separate statements said the new policy was expected to carry forward the process of simplification of procedures, reduction of transaction cost to both exporters and importers.

" Moreover, the move to expand the Videsh Krishi Upaj Yojona to include village industries based products for export benefits under a new name is a significant step as it would provide a bolster to the rural economy of the country, " Mr Rungta and Ms Pal Chowdhury observed.

They also called for a special thrust on gems and jewellery by way of allowing lower import duty of special metal scrap and used jewellery for melting and lowering of value addition norm from seven 4.5 per cent to help the country's gold exporters.

Both Chambers also welcomed the introduction of EDI and felt that it would increase transperancy further besides lowering the transaction costs.

However, the interests in Pre-shipment and post-shipment credits were not reduced, Mr Rungta and Ms Pal Chowdhury said and felt that there should a clear cut announcement of government policy in this regard.

UNI ABA SJC RN 1748