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Highlights of Foreign Trade Policy

August 31, 2004 15:08 IST

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