Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
☰   Show Results ❯
    DRI seizes over seven kg amphetamine and three kg cocaine as it intensifies crackdown on drug trafficking in country; three arrested
    DRI seizes 13 kg foreign-origin gold worth around Rs. 19.41 crore and dismantles a gold smuggling syndicate in Gujarat; three arrested
    Department of Commerce Organises “Leveraging FTAs” Outreach Programme in Jaipur to Strengthen Export Opportunities
    Central Bureau of Narcotics (CBN) organises five drug awareness programmes for MP youth Mission Yuva Raksha
    DRI seizes massive 137 kg consignment of crystal meth; busts coastal drug trafficking network; 4 arrested in Tamil Nadu
    Optimization of Statutory Branch Auditors (SBAs) Costs and Acceleration of Centralized Audit Frameworks
    Clarification on Legislative Developments concerning Government’s shareholding in IDBI
    Introduction of e-Invoicing Facility for Recipient Generated Self Invoices under Reverse Charge Mechanism for Domestic Supplies from Unregistered Pers...
    DFS Organises Workshop on Reservation Policy for Public Sector Banks, Public Sector Insurance Companies and Public Financial Institutions
    APEDA Facilitates Export of 1.755 MT of Organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria
    Union Commerce and Industry Minister Shri Piyush Goyal Launches National Strategic Trade Command Centre at Vanijya Bhawan
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participates in the 114th meeting of the Development Committee Plenary of the W...
    Customs officers detect 148.67 kg hydroponic weed from Bangkok at air cargo complex at IGI Airport
    DRI seizes around 6.2 kg foreign-origin gold; busts sophisticated gold smuggling modus operandi through unaccompanied baggage; three arrested
    Central Bureau of Narcotics (CBN) U.P. Unit holds public hearing to address grievances of opium cultivators
    Directorate of Revenue Intelligence (DRI) and Central Bureau of Narcotics (CBN) destroy 2.87 Hectares (7.08 Acres) of illicit cannabis (ganja) cultiva...
    The cumulative exports (merchandise & services) during April-September 2026-27 are estimated at US$ 476.20 Billion, as compared to US$ 418.31 Billion ...
    Union Minister of Commerce and Industry Shri Piyush Goyal Calls on Youth to Drive India’s AI Journey
    CCI approves acquisition of majority stake in Tribhovandas Bhimji Zaveri Limited by GRT Jewellers (India) Private Limited
    CCI approves the acquisition of certain shareholding in Kids Clinic India by NuageLux BidCo S.à r.l
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
October 19, 2026
Show AI Summary
Narcotics trafficking enforcement led to airport and road interceptions, baggage concealment detection, seizures, and arrests under the NDPS framework.
Narcotics trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985, involved intelligence-led interceptions at Bengaluru and Delhi airports and near Nagpur. Passenger baggage and a backpack were examined, leading to the seizure of amphetamine and cocaine and the arrest of three passengers. The recoveries included amphetamine concealed in baggage, a ladies' suit and a backpack lining, and cocaine contained in transparent packets within baggage.
October 19, 2026
Show AI Summary
Gold smuggling syndicate enforcement traces concealed imports through airport handlers, illicit melting, and jewellery-market disposal under customs law.
Directorate of Revenue Intelligence enforcement action identified an organised gold-smuggling syndicate importing foreign-origin gold through Ahmedabad and Surat airports, followed by handover to handlers, intermediary routing, illegal melting, and cash-based supply through an Ahmedabad jewellery outlet. Further searches recovered undocumented foreign-origin gold bars and records concerning smuggled gold linked to a Dubai-based financier. The investigation identified interconnected roles across the movement, processing, and disposal of smuggled gold; three persons were arrested under the Customs Act, 1962.
October 19, 2026
Show AI Summary
Free trade agreement utilisation requires origin compliance, product standards, and documentation to secure preferential export market access.
Effective FTA utilisation requires businesses to identify eligible products and markets, assess tariff preferences and rules of origin, and meet applicable quality, certification, documentation and importing-country requirements. Preferential access under agreements with the UAE, Australia, EFTA countries and the United Kingdom remains subject to each agreement's provisions and implementation status. Tariff preferences may improve price competitiveness and facilitate participation in international supply chains where product- and partner-specific conditions are satisfied.
October 19, 2026
Show AI Summary
Drug prevention awareness initiatives engage students through health education, interactive activities and pledges supporting a drug-free society.
Mission Yuva Raksha advances preventive drug awareness and demand-reduction efforts among students through programmes at educational institutions in Madhya Pradesh. Sessions addressed the harmful effects of substance abuse on physical and mental health, education, family life and careers, supported by interactive learning activities. Participants were encouraged to avoid drugs, adopt healthy lifestyles, take pledges and support awareness initiatives in their schools, families and communities. Preventive education and youth engagement complement enforcement-oriented work through informed choices and community-based resistance to substance abuse.
October 19, 2026
Show AI Summary
Coastal narcotics trafficking enforcement addresses suspected maritime methamphetamine smuggling through seizure, asset recovery, and arrests under drug-control law.
Intelligence-led narcotics enforcement addressed suspected coastal storage and maritime transfer of methamphetamine to Sri Lanka. Searches recovered crystal methamphetamine concealed in foil packets within duffel bags, which was seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Searches also recovered suspected drug-sale proceeds and vehicles allegedly used in transportation. Persons allegedly involved in organising coastal export, transport, storage and logistics were arrested and remanded to judicial custody.
October 17, 2026
Show AI Summary
Centralised audit framework targets lower physical branch audit coverage while preserving regulatory oversight and maintaining remuneration.
For FY 2026-27, audit remuneration is to remain at existing levels. Member banks are advised to accelerate a centralised audit framework to improve cost efficiency while retaining comprehensive risk oversight. Physical statutory branch audit coverage should be reduced to cover 50% of total business, apart from centralised treasury audits. Audit coverage must align with SEBI listing and disclosure requirements and RBI guidelines, supported by a Board-approved policy for the centralised audit roadmap.
October 17, 2026
Show AI Summary
Promissory estoppel cannot prevent Government shareholding dilution where enacted legislation imposes no restriction on strategic disinvestment.
Government shareholding in IDBI may be reduced or divested because the IDBI (Repeal) Act, 2003 contains no restriction on dilution of the Government's stake. A proposed amendment to limit dilution was rejected and not incorporated into the enacted law. Parliamentary statements cannot override statutory text, and promissory estoppel cannot be invoked on the basis of legislative debate statements to prevent dilution of Government shareholding. Successive Union Budget speeches also reflected a policy of transformation and strategic disinvestment of IDBI Bank.
October 16, 2026
Show AI Summary
Recipient-generated e-invoicing under reverse charge enables eligible taxpayers to obtain IRNs for domestic unregistered supplies and imported services.
Eligible active registered recipients meeting the applicable aggregate annual turnover threshold may report recipient-generated self-invoices for specified reverse-charge domestic supplies from unregistered persons and imports of services. RCMDOM and RCMIMP must be selected as the relevant e-invoice supply types when reporting through an authorised Invoice Registration Portal. Submission and validation of prescribed invoice particulars would generate an Invoice Reference Number, subject to applicable GST provisions, notifications and e-invoice specifications.
October 16, 2026
Show AI Summary
Reservation Policy Implementation in public financial institutions was examined through capacity building, practical deliberations, and measures for consistent application.
Implementation of the Government of India's Reservation Policy across public sector banks, public sector insurance companies, sectoral regulators and public financial institutions was addressed through capacity building to support uniform and effective application. Deliberations considered practical implementation issues, operational challenges and actionable measures for consistent policy application, alongside related welfare measures and interactive discussion of implementation questions.
October 16, 2026
Show AI Summary
Organic agricultural export certification supports overseas market access for Palmyra Jaggery Powder through export-oriented producer linkages.
APEDA facilitated the maiden sea export of NPOP- and EU-certified organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria. The initiative seeks to diversify India's organic export basket, create market linkages for traditional Palmyra-based products, and improve producer access through export-oriented value chains. It covers organic cultivation and reports improved price realisation for participating farmers and the manufacturer compared with the domestic market. APEDA supports certified organic and value-added agricultural exports through market development, quality compliance, and overseas buyer linkages.
October 16, 2026
Show AI Summary
Data-driven trade governance enables integrated monitoring, application analysis and evidence-based policy inputs through the National Strategic Trade Command Centre.
The National Strategic Trade Command Centre provides an integrated analytics and visualisation platform consolidating trade data to monitor trade indicators, scheme performance, application pendency, processing timelines, regional trends and compliance-related parameters. It enables analysis across national trade performance, Regional Authorities, schemes, products, destination markets and individual applications, subject to role-based access permissions. Initial dashboards cover key trade-facilitation and regulatory processes, including SCOMET, export promotion schemes, certificates of origin, importer-exporter registration and restricted imports and exports.
October 16, 2026
Show AI Summary
Private capital mobilisation should use competitive financing, guarantees and risk mitigation to expand productive employment and productivity.
Private capital mobilisation is treated as essential to employment generation and productivity growth. Private enterprises, MSMEs and startups should remain central to job creation, with financing assessed by employment and productivity outcomes rather than volume. Guarantees, risk-mitigation instruments, local-currency financing and lower transaction costs are identified as means to expand affordable and predictable access to capital. Methodologies underlying governance indicators should be transparent, objective, evidence-based and responsive to diverse development experiences.
October 16, 2026
Show AI Summary
Narcotics smuggling through misdeclared air cargo triggered seizure, arrest, and ongoing investigation into concealed hydroponic weed imports.
A Bangkok-origin air-cargo consignment declared as PU Tubes was examined on suspicion of mis-declaration. Plastic spools were found to contain concealed cavities holding polythene-wrapped packets of compacted green substance, preliminarily identified as suspected ganja/marijuana and described as hydroponic weed. The concealed substance, packaging and concealment material were seized under the NDPS Act, 1985. One person was arrested, and follow-up searches produced leads for continuing investigation.
October 16, 2026
Show AI Summary
Unaccompanied baggage gold smuggling: concealed hardware and insider coordination triggered interception, seizure, and arrests under customs law.
Foreign-origin gold smuggling through the unaccompanied baggage channel involved concealment of gold within hardware items and coordinated retrieval through warehouse personnel and intermediaries. Intelligence-led interception resulted in recovery and seizure of foreign-origin gold concealed in a floor spring, metal locks, a grease gun and a door closer. The arrangement used a trolley secured by a pre-decided number-lock combination, with a warehouse staff member, mediator and receiver allegedly involved in delivery of the concealed gold.
October 16, 2026
Show AI Summary
Opium cultivation licensing grievance redressal advances through public hearings, administrative remedies, policy recording, and a planned cultivator helpline.
Opium cultivation licensing grievances were addressed through a public hearing where cultivators raised irrigation, climatic, single-plot licensing, and village-wise allocation concerns. Participants were informed of available legal provisions and administrative remedies. Requests for more licences and larger cultivation plots were considered, with policy matters recorded. A helpline is intended to assist cultivators during the 2026-27 licensing operation.
October 16, 2026
Show AI Summary
Illicit cannabis cultivation: crop destruction followed legal formalities, while investigation continues in a remote wildlife sanctuary.
Illicit cannabis cultivation was located by a joint DRI and CBN team across five stretches of remote, densely forested wildlife-sanctuary land near village Jamniapani, Shirpur, District Dhule, Maharashtra. The cultivation covered 2.87 hectares. Following requisite legal formalities, the cannabis crop was destroyed using a rotavator in the presence of Police and Forest Department officials. Investigation remains in progress.
October 15, 2026
Show AI Summary
Merchandise and services trade estimates show export growth, import expansion, and a wider combined trade deficit over the reporting period.
Combined trade estimates for April-September 2026-27 show exports of US$ 476.20 billion and imports of US$ 551.13 billion, resulting in a trade deficit of US$ 74.93 billion. Merchandise exports rose to US$ 259.89 billion, while merchandise imports reached US$ 437.53 billion. Estimated services exports were US$ 216.31 billion and services imports were US$ 113.60 billion, producing a services trade surplus of US$ 102.71 billion. September services figures are estimates, and specified earlier-period data were revised using quarterly balance-of-payments data.
October 15, 2026
Show AI Summary
Emerging technology skills and resilient supply chains are positioned as foundations for investment competitiveness and inclusive economic growth.
Ministerial policy priorities for India's trade, investment and technology agenda emphasise artificial intelligence, cybersecurity, technology adoption, manufacturing investment and lifelong skill development. Investment competitiveness is linked to political stability, resilient supply chains, and fair and transparent trading practices. The first tranche of a bilateral trade agreement with the United States has been finalised, while final contours and legal drafting continue before operationalisation.
October 14, 2026
Show AI Summary
Majority stake acquisition in the jewellery sector receives competition clearance for GRT Jewellers' purchase of Tribhovandas Bhimji Zaveri.
Competition Commission of India approved GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. The transaction concerns entities operating in the Indian gems and jewellery market, including a private limited acquirer and a publicly listed target engaged in manufacturing and sale of gems and jewellery.
October 14, 2026
Show AI Summary
Minority shareholding acquisition in mother and baby healthcare receives competition clearance for a private equity-backed investment.
Competition Commission of India clearance authorises NuageLux BidCo S.a r.l. to acquire approximately 23% of the fully diluted shareholding in Kids Clinic India Ltd. The transaction constitutes an acquisition of a minority equity interest in a healthcare provider operating under the Cloudnine brand. NuageLux BidCo is a Luxembourg-incorporated private limited special purpose vehicle, ultimately controlled by Permira Holdings Ltd.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Customs, DGFT & SEZ

Speech of Minister of Commerce & Industry on Annual Supplement 2010-11 to the Foreign Trade Policy 2009-14 on 23.08.2010

August 24, 2010

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Ladies and gentlemen,

I have the privilege to present the first annual supplement to the Foreign Trade Policy.  

2. Last year, when I presented the Foreign Trade Policy 2009-14 on 27 August, 2009, the world was passing through the greatest economic crisis we have seen in recent times. Economies and markets world-wide were in turmoil, causing a sharp contraction in international trade, adversely impacting global investment flows and rendering over 50 million people jobless. We witnessed the sharpest contraction in world trade in the last seven decades, falling at over 12%. The crisis which erupted from the heart of the capitalist world spread like a contagion, affecting all countries big and small. Most of all, it created a crisis of confidence, forcing many developed countries to resort to protectionist measures, adversely impacting the vulnerable and developed economies.  

3. The Indian economy could not possibly remain insulated from these global developments. Though the fundamentals of our economy were strong, our growth rate was pulled down to 6.7%. Our exports also posted negative growth and labour intensive exports were worst affected. This was largely attributable to the severe contraction in demand in the traditional markets of our exports in the developed world. Exports, which had grown by 48.1% during April to September, 2008, began declining from October 2008 and this decline continued through the first half of 2009-10.  

4. Predicting the future is always a very risky proposition. At that juncture, it was especially so. And, few, if any, were willing to hazard a guess when the trend would reverse. It was under these difficult circumstances, that we announced India's Foreign Trade Policy in August last year and initiated a series of measures to take us out of the woods.  

5. The immediate objective of the FTP 09-14, was to arrest and reverse the declining trend of exports. We adopted a multi- pronged strategy, providing a stabile policy regime, adopting a conscious market diversification plan, providing additional support to sectors hit badly by the global recession, encouraging technological up-gradation of export sectors, and undertaking simplification of procedures to reduce transaction costs.

6. Towards achieving these objectives, several steps were announced in the Policy. Some of the important steps taken included addition of new markets under the Focus Market Scheme, coverage of Africa, Latin America and large part of Oceania under FMS and the Market Linked Focus Product Scheme, increase in incentives available under the Focus Market Scheme from 2.5% to 3% and for FPS & MLFPS from 1.25% to 2%, introduction of EPCG Scheme at zero duty for specified sectors, and the grant of additional duty credit scrip to status holders.

7. Over the last one year, we have maintained a close watch on the performance of the policy in practice. We have been in a constant dialogue with all our key stakeholders in industry and the exporting community for a sectoral assessment of exports. The first review was undertaken in December, 2009 and thereafter in February 2010 which demonstrated that some sectors were still facing difficulties. Need-based additional support measures were announced in January, 2010 and March, 2010 for selected product groups / products. These measures included addition of 112 new products under FPS, addition of 113 new products under Special FPS, addition of 2037 new products under MLFPS (Market Linked Focus Product Scheme), addition of two new major markets, - China and Japan under MLFPS, addition of sesame seeds and minor coconut products under Vishesh Krishi and Gram Udyog Yojana (VKGUY), and providing incentives for approximately 300 products in apparel and readymade garments.

8. We can look back with a sense of satisfaction and now claim with humility that the immediate objectives of the policy were realized. The decline in exports was arrested. And, the trend was reversed. Clearly, our steps were in the right direction. The measures initiated in the FTP 2009-14 and the subsequent interventions have placed export growth back on a positive trajectory. Exports which were steadily declining since October 2008 turned the corner in October 2009. Export posted an average positive growth of 19.6%, between October 2009 and March, 2010. In the first quarter of 2010-11, exports have grown by 32% compared to last year.  

9. Exports from SEZs have shown a growth of about 67% in the first quarter of 2010-11 over the corresponding period in the previous year, and stood at about Rs. 59,000 crore. This is especially noteworthy as this impressive growth is over and above the sturdy 120% growth posted by SEZ exports last year, crossing a figure of Rs. 2,20,000 crores. The total direct employment in SEZs reached around 5.5 lakh persons and total investment in the SEZs amounted to around Rs. 1.66 lakh crores by June 2010. The SEZ as an instrument of policy for catalyzing export growth has lived up to the promise : they have attracted capital, boosted exports and increased employment.

10. At the time of the announcement of FTP last year, I had announced that we shall take concrete measures for reduction of transaction costs. I constituted a Task Force on transaction costs under the guidance of the Minister of State, with a mandate to identify and suggest ways to achieve significant improvement in efficiency of our export processes in order to reduce the money and time spent by the exporters. The Task Force included a large 'Group of Experts' comprising industry experts from six sectors viz. Agriculture, Chemicals, Readymade garments, Textiles, Engineering and Leather, and functional experts from six different areas viz. Custom house agents, CA/tax experts, Exim consultants, Export Managers, Logistics managers and Overall experts. Detailed structured discussions and consultations were held with stakeholders. Based on the expert interactions, stakeholder discussions and global benchmarking visits, several issues, spanning different agencies, have been identified, analyzed and prioritized according to their importance and ease of implementation. The Task Force is presently in the process of consultation with the concerned administrative Ministries to finalize modalities and timelines of implementation of agreed interventions. I hope to share the final report of the Task Force with you soon and am sure this will be a significant step in making our export competitive.  

11. For expansion of our share of world trade we are actively engaging with rest of the world. India remains committed to the successful conclusion of the Doha Development Round. We are in favour of establishing a rule-based, fair and equitable global trading regime, which has development as its core objective, and which must respond to the aspirations of millions of people of the developing world. The Trade in Goods Agreement with ASEAN has come into force in respect of Malaysia, Singapore, Thailand and Vietnam. This Agreement is expected to increase trade between India and ASEAN. Similarly the agreement with Korea has also come into force. These initiatives will provide new avenues for expansion of our exports. We are convinced that our enhanced and active engagement in international trade will contribute significantly towards realizing our aspiration to become a dominant economic player. We are now engaged in negotiations for a comprehensive economic partnership agreement with Malaysia, Japan and a Broad based trade and investment agreement with the European Union. I am optimistic that we shall be able to arrive at ambitious and balanced outcomes in these agreements over the next one year. We are also negotiating a services and investment agreement with ASEAN.tmi  

12. Our competitive strengths in industry and services have been amply displayed to the world. Our position as world leaders in IT is unassailable. Acquisitions abroad by our industry speak of our abilities as managers and technology leaders in the global space. There is nothing to daunt us from moving ahead with pride and confidence.  

13. We must, however, take note that the recovery so far has been fragile and the economies around the world are still emerging out of the shadows of a grim recessionary period. The latest IMF projections (April 2010) indicate that the world economy is recovering at varying speeds for different regions. There has been marginal improvement in some of the developed economies like US, UK, Germany, France, Japan etc. However, there is still nervousness in the markets about the fiscal situation and sovereign indebtedness in several high- income countries of Europe. In this setting, it is to be expected that the developed countries would aim at economic recovery through consolidation and export led growth. This would pose a challenge to our exporters in accessing overseas markets for their products. The uncertainty surrounding exporters' prospects, therefore, continues to linger. We are not yet out of the woods.  

14. In this scenario, we have to be alert and vigilant. We continue to be sensitive and alive to all commercial concerns. During the last policy, I promised regular interaction with all stakeholders. We have been true to our word and have held a sustained dialogue with apex chambers of trade/commerce, Open Houses with exporters and sectoral reviews with EPCs.  

15. While announcing the Policy last year, I said that we shall take stock of the situation so as to make mid-course corrections. Despite the measures announced in the FTP and additional support announced in January and March, 2010, some sectors continue to face difficulties. Moreover, there is still a shroud of uncertainty over the fragile nature of global economic recovery. Even as global economic rebalancing is proceeding apace, it is not going to be easy patch for our exporters. In view of resource constraints our response has to be appropriately calibrated. It is simply not possible to sustain support to all sectors. What we must ensure is that those sectors which are still not doing well are extended necessary support. Further, we must be alive to our domestic situation i.e. inflationary pressures and unemployment. Food price inflation implies that we need to pay close attention to domestic availability. This is why we were obliged to restrict certain exports. We also have to be conscious of the need for and the inevitability of fiscal consolidation. Suffice it to note that the level of resources available today may not be available in the future.

16. I consider it prudent to persevere with the policy stance chartered last year and provide benefits for sectors that are still struggling. In order to ensure stable policy regime, we are continuing with certain important schemes which have helped exporters.

17. DEPB has been one of the most popular and exporter-friendly scheme for more than a decade. Despite the fact that this scheme has clearly been identified for early sunset, we extended it till 31.12.2010 in view of the difficult international economic situation and the contraction of demand in developed economies. Recognizing the fragile recovery and the prevailing uncertainties, I have been able to obtain extension of DEPB one last time for a further period of 6 months - till 30.6.2011.  

18. We continue our emphasis on technological up-gradation of export sectors in order to enhance competitiveness of our exports. Zero-duty EPCG Scheme, which I announced last August, has been very well received by trade and industry. It has contributed significantly to technological up-gradation of specified sectors for which it was announced. The scheme was to end on 31.3.2011. However, once again as a special exception, it has been decided to extend the zero duty EPCG Scheme for one more year, till 31st March, 2012. We are also enhancing the coverage of the zero duty EPCG Scheme for certain chemicals and allied products, rubber, marine products, sports goods and toys, and certain engineering products.  

19. I had also announced Status Holder Incentive Scheme (SHIS) last year in order to contribute to technological up-gradation of various categories of export houses. This too was intended to come to a close on 31.3.2011. As another special exception, we are extending SHIS Scheme for one more year, till 31st March, 2012. Further, the scheme is also being expanded to broadly cover the new sectors being covered under the zero duty EPCG Scheme.  

20. We are introducing a new facility of Annual EPCG authorization for the exporters. This is with a view to reduce the transaction cost and time for exporters, as they will not need to obtain multiple EPCG authorizations in a year.  

21. Some sectors are still struggling to recover from the demand shocks of the global economic slowdown. For these sectors we are providing additional benefits.  

22. In order to give immediate relief, a bonus incentive is being provided to sectors whose exports are still not doing well. This specially covers labour intensive sectors such as handicrafts, handlooms, silk carpets, leather and leather manufactures, sports goods, toys, and some bicycle parts.  

23. In addition, certain new engineering and electronic items, finished leather, rubber products, other oil meals, castor oil derivatives, packaged coconut water, coconut shell worked items, instant tea and CSNL cardanol have been included for benefits under export incentive schemes.  

24. The benefits for export of readymade garments to EU under MLFPS given earlier for a period of six months has been further extended by another 6 months up to 31.3.2011. 25. The facility of interest subvention of 2%, currently available for handicrafts, handlooms, carpets and SMEs, is beingextended for a number of specified products pertaining to leather and leather manufactures, jute manufacturing including floor covering, engineering goods and textile sector for the year 2010-11.  

26. For carrying out further procedural simplification and with a view to reduce transaction costs, we are taking a number of steps in this annual supplement to the policy. Additional flexibility for transfer of scrip is being allowed under Agri infrastructure scheme for units in Food parks. Advance authorization for annual requirement will be exempted from anti dumping and safeguard duties and the advance authorization for physical exports and deemed exports will be brought under a single customs notification in order to facilitate clubbing and closure of authorizations. The requirement of chartered engineer certificate for advance authorization under ad hoc norms is being dispensed with and such norms are being made applicable to all cases of the same export product up to one year retrospectively also.  

27. We had set a target for merchandise exports for 2010-11 at US$ 200 billion. Our total merchandise export for 2009-10 was US$178.66 billion. With the present growth trend, we are on course to achieve export target for 2010-11. In the remaining three years of this Foreign Trade Policy i.e. upto 2014, the country should be able to come back on the high export growth path of around 25% per annum. By 2014, we expect to double India's export of goods and services. It shall be our endeavour that industry and government work in tandem, and by working closely, we hope to achieve this target as well. tmi

Thank you.  

Topics

Acts Income Tax