The Hindu : National : New trade initiatives to boost exports

Online edition of India's National Newspaper
Saturday, Apr 08, 2006

National

National

New trade initiatives to boost exports

Special Correspondent

New Delhi: New trade initiatives were launched on Friday to make the country a global production hub of gems, jewellery and auto components and to boost job creation in rural and semi-urban areas.

They are part of the annual supplement to the trade policy (2004-09), released by Commerce and Industry Minister Kamal Nath.

A target of exports worth $120 billion has been fixed for this year. It was $101 billion in 2005-06.

Mr. Nath also launched two schemes — Focus Product and Focus Market — to generate more employment and to reach out to emerging markets such as Africa and Latin America.

To promote export of village and cottage industry products, he said, incentives would be given.

The Minister said the diamond trade was moving out of Antwerp and Mumbai should be "right up there" to beat competition from other Asian cities.

Other incentives include import of scrap and used jewellery for melting, refining and re-export.

To make India a hub of auto components, import of new vehicles for R&D activities would be allowed without testing conditions to bring in new technology. It has also been decided that supplies of food and beverages, as well as refuelling facilities for long distance flights will be treated on a par with exports.

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