The growth-oriented annual review to the Foreign Trade Policy will boost Indian exports and help the country achieve the ambitious target of five percent share in world trade by 2020, a survey by Confederation of Indian Industry (CII).
The annual supplement to the Foreign Trade Policy (2004-09) has fulfilled the Indian industry expectations said a CII CEO.
Over 73% of the respondents said the target of India achieving 5% share in world trade by 2020 is ambitious but achievable. At present, India's share in the global trade is about one percent. Majority of the respondents said the FTP review is growth-oriented and would help in sustaining the 8.5% growth rate of the country and promote the much-needed boost to the rupee-hit exports.
The government has set an export target of USD 200 billion for the 2008-09, up from USD 160 billion in 2007. It announced extension of the Duty Entitlement Pass Book (DEPB) scheme till May 2009 and tax exemption to 100 per cent Export Oriented Units till 2010.