annual export growth

Taking a realistic view of the grim forecast of global
trade that is likely to decline by 9 per cent in 2009, the
policy aims at achieving an annual export growth rate of 15
per cent. However, that could happen only in the next fiscal,
senior officials in the Commerce Ministry said.

In the short term, the relief measures include providing
dollar credit to exporters that will be overseen by a high
level committee, comprising Finance Secretary, Commerce
Secretary and the Indian Banks Association.

To insulate the small and medium scale exporters who are
unable to seek expensive legal help for foreign markets, a
Directorate of Trade Remedy Measures would be set up.

Sharma said while India has not been affected by the
global meltdown as much as the western economies, the
protectionist measures by several countries have aggravated
the problem.

The policy, the first major external trade blueprint of
the UPA government in its second term, continues with the
interest subsidy for exporters of two per cent for
pre-shipment credit and income tax exemption to 100 per cent
Export Oriented Units (EOUs) for till the end of next fiscal.

While, several business chambers and exporters bodies
welcomed these measures, some found the steps were inadequate.

"The policy steps are inadequate to address the grave
situation that the sector is facing," a head of a leading
export promotion council said. PTI TEAM
SDE


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