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India Inc optimistic about Foreign Trade Policy

Written by: Staff

New Delhi, Apr 7 (UNI) India Inc today welcomed the changes in the Annual Supplement of the Foreign Trade Policy 2004-09 saying they would augment exports and create job opportunities for both skilled and unskilled manpower of the country.

The major changes announced by the Government in the Annual Supplement include thrust on employment generation, especially in rural areas, and varied sectors like gems and jewellery, auto components, aviation, marine products and BPOs services.

Welcoming the announcements by Commerce and Industry Minister Kamal Nath, the Confederation of Indian Industries (CII) said the changes reflect a pragmatic approach to boosting exports.

Setting an export target of 120 billion dollars, the annual supplement to the FTP 2004-09 scrapped the controversial Target Plus scheme and replaced it with the twin schemes of Focus Product and Focus Market.

India Inc is of the opinion that the two new schemes 'Focus Product Scheme' and the 'Focus Market Scheme' would provide a thrust to the manufacturing and export of several products and would help diversify the global export market for India.

CII has also lauded many other decisions in the policy on Trade Facilitation. The changes would help reduce the various processes during imports and exports which would help lower transaction costs.

Terming the changes as user-friendly, ASSOCHAM said the measures would promote manufacturing base, attract FDI and help create new job opportunities.

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