The Hindu : Business : A positive impetus for growth: CII

Online edition of India's National Newspaper
Tuesday, Apr 12, 2005

Business

Business

A positive impetus for growth: CII

By Our Staff Reporter

COIMBATORE, APRIL 11. The Confederation of Indian Industry, Coimbatore Zone, has termed the new foreign trade policy as "growth oriented" stating that the policy announcements would generate all round growth in the economy.

In a statement, the Chairperson of CII, Coimbatore Zone, Nandini Rangaswamy, noted that the renewed emphasis on providing a boost to traditional and sunrise sectors and facilitation of low cost import of capital goods would enhance export competitiveness.

She also welcomed the relaxation in incentives in schemes such as Export Promotion Capital Goods (EPCG) and the annual advance licensing scheme. The EPCG provision extended to the retail sector was innovative and the focus on "trade vis-à-vis export" was a good strategic move.

Hailing the continued emphasis on granting more flexibility to exporters, rationalisation and simplification procedures and the increase in entitlement for annual advance licence from 200 to 300 per cent of free on board value of exports, Ms. Rangaswamy said the move would give a free hand to exporters to decide on their strategies.

Complimenting the Commerce Minister for introducing measures to enhance the competitiveness of the manufacturing sector, she said steps such as liberalisation in the duty free replenishment certificate scheme and a single common application form would boost exports.

The special relaxations in export obligations for good export performance under the EPCG scheme, notification of `Target Plus' scheme, continuation of the Duty Entitlement Pass Book (DEPB) scheme and the move to exempt advance licenses for deemed exports from levy of anti-dumping and safeguard duties and the `Served from India' scheme wherein goods imported can be transferred within group companies and managed hotels are welcome steps, she observed.

Printer friendly page
Send this article to Friends by E-Mail

Business