New Delhi: The Commerce Department on Thursday promised to resolve some exporters’ concerns – ranging from relief to be absent under several schemes to the increase in commodity prices and the level of delivery – when launching a sectoral milestone due to pursuing a $ 400 billion record target this year.
Rigid objectives are for engineering sectors and project projects, with the $ 107 billion export target set for this year, followed by gems and jewelry ($ 43 billion), Pharma ($ 29 billion) and chemicals (see graph).
If the plan is successful, these five traditional heavy classes will contribute $ 232 billion – or 58% of the target for the current financial year.
During the meeting organized by trade and the Minister of Industry Piyush Goyal on Thursday, a detailed action plan was discussed, which requires new foreign trade policies before October, and fresh reform steps for special economic zones, said sources.
While the detailed plan of SEZS is expected in the next few weeks, focusing on the use of land surpluses and overcoming other aspects, resources say the trade department will approach the income department, looking for a one-time settlement for the scheme either and the EPCG scheme.
Officials said the government was also looking to expand concession credit facilities based on the flower equal distribution scheme outside of September.
To overcome other problems with higher shipping costs, the shipping ministry has begun talks with international shipping lines, although it may not be translated into reduction.
Similarly, the Ministry of Trade has requested several ministries to overcome higher commodity prices, which according to the previous government are outside the purview.
At the meeting, Goyal also talked about encouraging free trade agreements (FTAs) with England, the European Union, Canada, Australia and UAE – who had been in the pipes for years – although they could not be found this year.
During the last financial year, the five trading partners contributed 28% of Indian exports.
“The US currently has sort of indicating that they are not looking for new trade agreements, but we see working with them for more market access problems on both parties and I think it will also be a big assistance and the opening opportunity.
For our export sector, “The Minister said.