Foreign Trade Policy: Hopes die, promises remain unfulfiled

Arun S
Posted: 2008-04-10 00:06:10+05:30 IST
Updated: Apr 10, 2008 at 0006 hrs IST

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New Delhi, Apr 9: Though there is no export obligation for the first two years, there is an obligation of 15% of the total production in the third and fourth year. Also, there is an obligation of 35% in the fifth and sixth year, and 50% in the seventh and eighth year. The commerce ministry had done away with the block-wise requirement due to complications involved in monitoring the exports at every stage. However, sources said this was rolled back at finance ministry's insistence.

Also, though the commerce ministry had announced that export of high-tech items will be given a duty credit of 10% of the incremental export growth, high-tech products were granted export benefit equivalent to only 5% of incremental growth in exports. Another unfulfilled promise is regarding treating supply of stores as well as refuelling of long-distance flights as exports and entitling them for benefit like duty neutralisation under export promotion schemes....