Commerce Minister delivered better than what we all expected: M. Rafeeque Ahmed, President, FIEO
FIEO/PUB/PR /57/12 - June 5, 2012
Commerce Minister delivered better than what we all expected: M. Rafeeque Ahmed, President, FIEO
Commenting on the announcement made by Commerce & Industry Minister through Annual Supplement of Foreign Trade Policy(FTP ), Mr M Rafeeque Ahmed, President, FIEO said that in the wake of contraction of global demand and impending Euro zone crisis , the support extended throught FTP is tremendous and will help in imparting competitiveness to exports.
The extension of interest subvention to include processed agricultural products, ready made garments and toys & sports goods besides carpets, handicrafts, handloom and SMEs till March 2013 is great relief to export sectors said Mr Ahmed.
Post export EPCG will help in reducing transaction and additional window may be availed by large number of companies who are averse to managing large documentational requirment of EPCG observed FIEO Chief.
The focus of policy is on North East which is a novel and excellent idea. The reduction of export obligation under EPCG to 25 % and 1% additiotnal benefits exports through land customs will encourage manufacturing and boost border trade.
President FIEO welcomed domestic sourcing under status holder incentive scrip and agri incentive scrip which will help in utilisation of these benefits and simultaneusly provide level playing field to domestic manufacturers.
President, FIEO welcomed the support given to E commerce by extending exports benefits for shipment through Delhi and Mumbai and formation of a Committee to look into various aspects of E Commerce, which has great potential and can provide a direct selling platform to MSME exporters.
