FIEO hails annual supplement to foreign trade policy

Chennai, Apr 19 (UNI) The Federation of Indian Export Organisations (FIEO) today hailed the annual supplement to the Foreign Trade Policy (2004-2009), announced by Union Commerce Minister Kamal Nath today.

In a release, FIEO Vice-President A Sakthivel said the Commerce Minister's decision to exempt exports from Service Tax was a welcome move. The export community had long felt the need for the exemption.

Inclusion of more products under Focus Product, Vishesh Krishi and Gram Udyog Yojana schemes and the package announced for handicraft, handloom and gems and jewellery sector would help creation of more employment and exports from the agro-sector.

The extention of DEPB scheme up to March 2008 and the obligation period of EPCG scheme up to ten years, considered to be the long- standing demands of the exporters, would up export competitiveness.

In his reaction, Andhra Chamber of Commerce President Baboolal P Rathore echoed similar views and congratulated the Minister for presenting a growth-oriented annual supplement.

UNI