The local chapter of Indian Chamber of Commerce and Industry today welcomes the Mid-Term Review of Foreign Trade Policy announced by the Ministry of Commerce and Industry.
"We are extremely glad that the policy contains several positive features.The trust-based approach as reflected in the new self- ratification scheme for duty-free import of raw materials will greatly help in expediting export of a number of important products like engineering, textiles, chemicals and high-tec, Chamber president" Vanitha Mohan said
The incentives worth Rs 8,450 crore package announced will boost exports of goods and services, mainly from labour- intensive segments and MSME and increase employment generation and value addition, she said in a release
The focus on MSME and labour intensive sectors would help the "Make in India" initiative, she said.
Welcoming the policy's salient features like GST rates on transfer/sale of scrips reduced to zero and E-wallet for exporters to be launched from April 1, 2018, Vanitha Mohan said that in toto the FTP for the period 2015-20 has set an ambitious target for India's exports of goods and services.
She hoped FTP would continue to be reviewed and evaluated regularly to address concerns of exporters, simplification of procedures and for export promotion
In a separate statement,Southern India Mills' Association Chairman P Nataraj said the policy has given thrust of Ease of Doing Business, ease of trading across borders, exploring new export markets and new export products, simplification of procedures and processes and establishing a National Trade Facilitation Committee, headed by the Cabinet Secretary, to boost exports.