The Foreign Trade Policy 2009-14 was
announced on 27th August 2009 in the backdrop of a fall in India’s exports due
to global slowdown. The objective of the policy was to arrest and reverse the
declining trend of exports as well as to provide additional support especially
to those sectors which were hit badly by recession in the developed world.
In the wake of contraction of global demand
and impending Euro zone crisis, the Indian industry and the export sector have
warmly welcomed the annual supplement to the FTP 2009-14,
a seven-point agenda to help the export sector, which has been facing demand
contraction in the global markets, announced by Commerce & Industry
Minister Anand Sharma.
A seven-point strategy to boost exports in
the annual supplement to foreign trade policy 2009-14 includes: to give a focused
thrust to employment intensive industry; to encourage domestic manufacturing
for inputs to export industry and reduce the dependence on imports; to promote
technological upgradation of exports to retain a competitive edge in global
markets; to persist with a strong market diversification strategy to hedge the
risks against global uncertainty; to encourage exports from the North Eastern region;
to provide incentives for manufacturing of green goods recognising the
imperative of building capacities for environmental sustainability; and to
endeavour to reduce transaction cost through procedural simplification and
reduction of human interface.
The year ahead is full of challenges, current
challenges are very disturbing. It will take time for demand to return to
pre-crisis levels. It is our expectation that with these measures, we shall be
able to sustain an annual export growth of 20% this fiscal, said the Commerce
& Industry Minister. India's exports grew by 21% in 2011-12 to touch USD
303 billion.
Read
lot more in Rubber4U – 15th June 2012 issue
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