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Centre announces series of measures to achieve 20% increase in exports

The Centre announced a series of measures, including extension of 2 per cent interest subsidy by one year, as part of a 7-point strategy to achieve 20 per cent increase in exports. It has set a target of 360 billion US Dollars in the current fiscal.

Unveiling the annual supplement to the five-year Foreign Trade Policy in New Delhi, Commerce Minister Anand Sharma also said the government will soon come out with new guidelines to revamp Special Economic Zones and Export Oriented Unit schemes to further boost the shipments. The governments new announcements came in the backdrop of the uncertain global economic environment.

The Commerce and Industry & Textiles minister said, these measures will infuse necessary confidence in the exporting community and provide the required dynamism even in this gloomy time. He said, the government is watching the global economic developments closely and shall intervene effectively to ensure that Indian exports stay well on course for achieving the targets.

Mr. Sharma expressed confidence that exports would grow by 20 per cent in the current fiscal. India's exports grew by 21 per cent in 2011-12 to touch USD 303.7 billion.

Mr. Sharma said, as part of the seven-point strategy to boost exports, the government has extended the 2 per cent interest subsidy till March 2013. He said, it has also been decided to expand the coverage of the scheme to include other labour intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments.

With an aim to promote exports from the North Eastern states, the Centre reduced compliance burden to one-fourth for exporters to avail the popular Export Promotion Capital Goods Scheme (EPCG) to import capital goods at very low customs duty.

Mr. Sharma said, the decision was taken to reduce the export obligation under the EPCG scheme to 25 per cent of the normal export obligation and this facility will be applicable to North Eastern states and Sikkim.

This, he said, is being done to promote manufacturing activity and generating employment in the North Eastern states.



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