Giving further impetus to Foreign Trade is clearly a high priority. The newly announced Foreign Trade Policy for the next 5 years is a step in the direction of achieving an annual export growth of 15% by March 2011 and 25% by 2014 and also with a long term objective of doubling India’s share in global trade by 2020, the salient features include:
Continuance of Duty Entitlement Pass Book Scheme up to December 2010
IT benefits under Section 10(A) of the Income Tax Act for IT industry till 31st March 2011;
IT under Section 10(B) of the Income Tax Act for 100% export oriented units for one additional year till 31st March 2011.
Enhanced insurance coverage and exposure for exports through Export Credit Guarantee Corporation (ECGC) Schemes till 31st March 2010.
Technology upgradation for Indian exporters through import of capital goods for certain sectors under EPCG made easier at 0 % duty.
For Agriculture and Village Industry, capital goods imported under EPCG will be permitted to be installed anywhere in AEZ and import of inputs such as pesticides will be permitted under Advance Authorisation for agro exports etc.
Indian exports insulated from decline in demand from developed countries through encouraging diversification to other markets e.g. Latin America, Africa, parts of Asia and Oceania.
Towards making India a hub for production and export of green products and technologies, special initiatives planned to promote development and manufacture of items relating to transportation, solar and wind power generation.
Improvement in infrastructure related to exports; bringing down transaction costs and providing full refund of all indirect taxes and levies envisaged as the three vital pillars to support Policy targets.
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