India targets $900 bn exports |
India under Prime Minister Narendra Modi is embarking upon a lofty but much needed shift in foreign trade policy. India on April 1 has decided to rope in states and Union Territories in the process of international trade while setting an export target of $900 billion by FY20, almost double of $465.9 billion achieved in 2013-14. In the foreign trade policy (FTP) 2015-2020, the Commerce Ministry provided for a slew of incentives for exporters and special economic zones while doing away with the existing incentive schemes. India introduced two schemes — Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS) — for goods and services. Commerce Minister Nirmala Sitharaman said that it is in line with the initiatives including `Make in India`, `Digital India` and `Skill India` announced by the government earlier. The policy, she said, aims at improving doing business environment and simplifying trade transactions in wake of trade facilitation agreement of the World Trade Organization. The policy comes amid a moderation in global demand and the resultant dip in India`s exports, which fell for the third month in a row in February, declining by over 15 per cent to $21.54 billion. Exports during April-February stood at $286.58 billion compared with $314.40 billion in 2013-14.
|
|
|
|