Aiming to double exports by 2014, the trade policy has largely welcomed by India

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Inc. Harsh Pati Singhania, president of industrybody Ficci welcomed the policy saying that steps taken by the government like diversifying trade, extension of DEPB scheme till end 2010 and increasing the number of products in the focused market scheme would help bring some relief to the exporters.

“Commerce minister has presented a reasonably good blueprint for taking our exports to $ 200 billion in next two years,” he said. However, he added that meaningful improvement in exports may not be possible till large economies like USA, Japan and Europe turn around economically.

Director general of CII, Chandrajit Banerjee, said that the decision of setting up an inter-ministerial panel to redress the complaints of exporters and the establishment of directorate of trade remedy measures was welcome. “It (the proposals) is a visionary move and reflects the seriousness of India’s export-led growth as a long term strategy,” he said.

Indian Chamber of Commerce feels that the trade policy would help states in the east and north east immensely. Reasoned Rajiv Singh, secretary general, ICC: “It (FTP) would help West Bengal, and the north-eastern states, because of their huge export potential fuelled by advantages like strategic location, and proximity to the south-east Asian nations.”

Sajjan Jindal, president Assocham, said the government would need to give clarity to assess value of finished jewellery for the purpose of duty drawback with a view to neutralize duty incidence on gold jewellery exports. He voiced his disappointed that the time limit of 60 days for re-import of exported gems and jewellery items for participation in exhibitions should have been extended to 120 days.

“We are unable to meet the price demanded by customers, hence they go to countries like Bangladesh and Cambodia where the business has grown even in recession,” he said. He also added that despite the interest subvention, several banks do not pass it on to the industry. “Because in the second trade circular the word ‘garment’ was omitted and though ‘textile’ was mentioned, we have approached the government to issue a clarification,” Sudhir Dhingra, CMD of Orient Craft, said.