| April 11, 2008 |
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| The ICAI commends the measures to boost exports as announced by Hon'ble Shri Kamal Nath, Union Minister of Commerce & Industry, Government of India in the Annual Supplement to the Foreign Trade Policy 2004-09 in New Delhi on April 11, 2008. The Annual supplement, last in series supplementing the main Foreign Trade Policy 2004-09 issued in August 2004, though does not alter the broad contours of the main policy, recognises the dynamic nature of international trade and the consequent need for periodic realignment and an integrated approach to the developmental requirements of India’s foreign trade. |
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| The Annual Supplement 2008 is focused towards boosting and facilitating exports, improving export competitiveness, reducing transaction costs, simplifying procedures and pro-employment generation. |
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| Further, measures taken to curb inflation on essential commodities such as banning export of non-basmati rice, edible oils and pulses, benefits withdrawn under DEPB scheme on export of rice, cement and primary steel items, benefits withdrawn under incentives under promotional schemes (Focus Market Schemes) on export of cement and primary steel items are also welcome. |
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| ICAI also welcomes the initiatives taken by the Government to address the structural problems by constitution of a Joint Task Force of representatives of the Central Government, State Governments, Panchayati Raj Institutions, Industry and exporters to draw up within 6 months a detailed Action Plan as a roadmap, said CA. Ved Jain, President, ICAI. |
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| The Annual Supplement to the Policy duly recognises the significance of the booming service sector which has great potential in providing jobs to urban educated youth, increased trade activity creating 136 lakh new jobs during last 4 years. Commending that despite appreciation of the rupee, India’s exports which stood at US $ 63 billion during 2004 have significantly increased to US $ 155 billion during 2007-08, ICAI also hoped that with the measures announced in the Annual Supplement 2008, the new export targets of US $ 200 billion for the current year will be met, said CA. Ved Jain, President, ICAI. |
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