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Exim policy to boost services, agri
exports
NEW DELHI - In a
watershed Exim policy, the Indian government on Monday
announced a major package for exports of services, with
special focus on high growth sectors like textiles,
autos, gems and jewelry and dismantled restrictions on
the export of five items, including paddy, rare earth
and cotton linters.
Unveiling the policy,
Commerce Minister Arun Jaitley simplified procedures,
made the popular EPCG scheme more flexible and
attractive and gave a new thrust to agriculture exports.
Besides giving special focus to potential high
growth sectors, like drugs and pharmaceuticals and
electronics hardware, Jaitley announced the development
of 10 new export clusters and steps to facilitate
corporate investment to boost agro-products.
Sanction has already been given to 45
commodity-specific agri-export zones and the scheme is
to be given further boost under the new policy with
corporate ownership and takeover.
The policy for
2003-04 announced by Commerce Minister Arun Jaitley
calls for encouragement to the "corporate sector with
proven credentials to sponsor new zones or takeover of
already notified zones or their part for boosting
agri-exports".
These corporates will be
providing services such as pre and post harvest
treatment and operations, plant protection, processing,
packaging, storage and related research.
It
allows agriculture and horticulture processing export
oriented units to provide inputs and equipment to
contract farmers in domestic tariff area.
The
new-look Exim policy aims at building on areas of
India's core competence, and gives a major boost to
health care, entertainment, professional services and
tourism.
Aiming to achieve US$80 billion annual
exports by 2002 from the present level of $50 billion,
the policy seeks to reduce transaction costs, introduce
annual advance licenses for status holders and diversify
export markets by focussing on Commonwealth of
Independent States countries from April 1, and enlarging
the growing African market covered by 24 countries.
On services exports, Jaitely said that apart
from software, a host of other services provided
unprecedented opportunities in global trade, and with
abundant skilled manpower, India was "uniquely" placed
to take full advantage of growing opportunities of
services exports, which are the engine of economic
growth.
"We are, therefore, taking a bold
initiative in not only recognizing the importance of
service exports but also introducing a scheme for forex
promotion," he said. Admitting that "we have not even
made a beginning in the promotion of the services
sector, excepting software", Jaitley said that the
policies announced would in particular help sectors like
health, for which Finance Minister Jaswant Singh has
given a strong signal to India to emerge as a major
destination.
(Asia Pulse/PTI)
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