Trade Policy Announced

In a bid to double India's share in the global trade in the next five years, government today unveiled a comprehensive Foreign Trade Policy that focusses on stepping up employment-generating agriculture and services exports.

The five-year National Foreign Trade Policy announced by Commerce Minister Kamal Nath allows duty-free imports of capital goods in agriculture and consumables for metals other than gold and platinum, for promoting gems and jewellery exports.

Apart from setting up a new Handicraft Special Economic Zone, the policy provides for setting up bio-technology parks and an export promotion council for giving major thrust to service exports.

While merchandise exports account for nearly 70 billion dollar annually, the services exports get an additional 50 billion dollar at present.

The merchandise exports are expected to be doubled to 150 billion dollar annually by 2009, and the services exports, growing rapidly, are also expected to touch the figure of 150 billion dollar by the end of this decade.

Source: PTI, August 31' 2004