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India's Commerce Minister Anand Sharma unveiled the Foreign Trade Policy for 2009-14 setting a target for exports at $200 billion for the next fiscal as the country could not achieve the set target during 2008-09.
He said that the country exported goods and commodities worth $168 billion in 2008-09 despite the global economic crisis. The country's share of the global merchandise trade which was 0.83% in 2003 grew to 1.45% in 2008 as per WTO estimates. He said exports declined in the past 10 months due to fall in demand in traditional markets.
The new policy extended the tax holiday for one more year and continued the duty refund scheme till December next year for exporters, while allowing duty-free import of capital goods to insulate them from protectionism brought about by recession abroad.
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