Highlights of Foreign Trade Policy

Following are the highlights of the Foreign Trade Policy 2004-09:

• A massive push to exports to garner 1.5 per cent of the world share by exporting $150 billion worth of merchandise annually by 2009.
• FDI permitted up to 100 per cent to establish and develop free trade and warehousing zone, each to have a Rs 100 crore outlay.
• Vishesh Krishi Upaj Scheme to boost exports of fruits, vegetables, flowers and minor forest produce.
• Duty-free import of capital goods under EPCG scheme for agriculture sector. Such goods permitted to be installed anywhere in an agri-export zone.
• Import of seeds, bulbs and tubers liberalised.
• New Handicraft Special Economic Zone.
• Handicraft Export Promotion Council authorised to import.
• Duty-free import of consumables for metals other than gold and platinum upto two per cent of the FoB export value.
• Import of gold of 18 carat and above allowed under replenishment scheme.
• Duty-free import of specified items for leather sector raised to five per cent of the FoB value for exports.
• 'Served from India' scheme to accelerate growth in the export of services.
• Exporters, who achieve quantum growth, entitled for duty-free credit based on incremental exports higher than general actual target fixed under "Target Plus" scheme.
• Services' exports expected to touch $150 billion  by the end of this decade.
• EOUs exempted from service tax.
• EOUs permitted to retain 100 per cent export earnings.
• DEPB scheme retained till replaced by a new one.
• New scheme to categorise star export houses.
• An exclusive service export promotion council.
• Pragati Maidan to be state-of-the-art complex.
• Restrictions on importing secondhand capital goods lifted.
• Board of Trade to be revamped.
• Biotechnology parks to be set up.
• New mechanism for grievance redressal.
• Special focus initiatives in five areas.
• Validity of licences of various schemes increased to uniform 24 months.
• Financial assistance to deserving exporters on recommendation of export promotion councils.

Govt keen to double share in global trade pie