India will on Friday unveil its Foreign Trade Policy, which is likely to give a new thrust to toys, leather, textiles, stationery, sports goods and processed food exports.
"Exports are for jobs, not for dollars," Commerce Minister Kamal Nath said in New Delhi promising to iron out difficulties faced by exporters, including simplification of procedures to boost exports, which has already touched a record $100 billion in 2005-06.
Called the annual supplement of the five-year trade policy, it would give special thrust to employment generating sectors, including gems and jewellery besides new incentive scheme.
The government has already hinted that it would make India a manufacturing hub, particularly for small cars, leather, textiles and processed foods. The policy may contain measures to pursue export-led growth in the country similar to China.
Exports accounted just 10 per cent of GDP, unlike China where about 40 per cent of GDP was on account of exports. The immediate plan is to take merchandise exports to $150 billion by 2008-09 and services exports to an additional $150 billion as against $50 billion at present.
The policy would also aim at promoting traditional rural and cottage industries like handicrafts, handlooms and khadi through improved marketing, packaging and better technology.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
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