Leading trade and industry bodies today welcomed the Mini Exim Policy and said the measures would provide an impetus to growth in exports.

Allowing free import of gold and silver would give a boost to jewellery exports and allowing duty free import of fuel would increase competitiveness, Federation of Indian Export Organisation President Rafeeque Ahmed said in a statement.

"The other laudable steps announced by Commerce Minister Arun Jaitley were launch of the national export insurance fund for underwriting high value projects and increase in equity base of ECGC for better risk management," he said.

FICCI President Y K Modi said the initiatives would increase the global competitiveness of Indian manufacturing.

The digital signature and electronic transfer facility would significantly reduce transaction costs and time for exporters, Modi said.

Welcoming the measures to promote tourism, FICCI said, "We hope that in the months to come the government will undertake similar promotional initiatives for other services like entertainment, financial services, health services."

Mini Exim Policy 2004-05