New Delhi: Targeting 20 percent export growth this year despite global odds, the government Thursday announced major fiscal sops for exporters including interest subsidy, excise concessions and extension of benefits to fast-growing e-commerce.
As part of the seven-point strategy to achieve about USD 360 billion exports during the current fiscal, the annual supplement to the Foreign Trade Policy (FTP) also gave big incentives to promote exports from the North-Eastern states.
Besides, the scheme to import machinery and technology at zero duty has been extended upto March, 2013. Otherwise, the zero duty Export Promotion Capital Goods (EPCG)would have ended on March 31,2012.
Likewise, the scheme to give interest subsidy to small scale exporters and those engaged in handloom, carpets, handicrafts has also been extended for one more year. Also, the scheme has been extended to other sectors such as toys, sports goods, readymade garments and processed agricultural products.
"These measures will infuse necessary confidence in the exporting community in this gloomy time. We will watch the global economic developments closely and shall intervene effectively to ensure that Indian exports stay well on course for achieving the targets," Commerce and Industry Minister Anand Sharma said while unveiling the policy changes.
However, neither the minister nor the officials were ready to share the revenue implications for these measures.
Exporters welcomed the measures and said they would provide them much-needed relief. "The support extended through FTP is tremendous and will help in imparting competitiveness to exports," FIEO said.
First Published: Thursday, July 5, 2012, 09:31