UP To Unveil New Export Policy Soon

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Lucknow, February 22:: Uttar Pradesh is giving final touches to a new export policy in consultation with the state’s exporters and the industry, according to Shashie Sinh, joint export commissioner.

Exports from the state account for about 8 per cent of the total exports from the country, Ms Sinh told FE, on the sidelines of an interactive session on ‘Business Environment in the US and Best Methods of Doing Business in the US.’ The seminar was organised by the PHD Chamber of Commerce and Industry here on Friday.

The forthcoming policy will be the third export policy of the state, she said, adding to boost the export potential, the state has created an infrastructure initiative fund.

Handicrafts form the major export item from Uttar Pradesh, and the state exported almost 60 per cent of the country’s handicrafts last year. Total exports during 2001-02 were about Rs 1,385.87 crore, slightly up from Rs 1,368.40 crore the previous fiscal.

About the major highlights of the proposed export policy, Ms Sinh said exports will also include “sector services deemed to be exports.” Gems and jewellery, and textile sector too have huge export potential and the new policy will come out with promotional schemes for these sectors. The new policy will also extend benefits available now only to small scale industry to all other sectors which are into exports.

Sidney N Weiss, international trade lawyer from New York, who addressed the seminar, observed that a major problem facing Indian exporters is payment defaults by many a US importer, and he blamed this on the prevailing recession in his country.

He said the American realty business is booming now due to the falling interest rates, and the sliding stock markets. As a result, investors are finding no other option other than real estate.