Union Commerce and Industry Minister Kamal Nath on Friday announced various measures to check spiralling inflation, extended sops to exporters to sustain growth in the export sector and gave relief to sectors hit by rupee appreciation vis-a-vis dollar in the current fiscal. Releasing the annual supplement of the Foreign Trade Policy (FTP) here on Friday, Mr. Kamal Nath said: "To curb inflation on essential items, the Government has banned export of non-basmati rice, edible oils and pulses. Now we are banning export of cement too, while tax incentives and the promotional scheme on export of rice and primary steel items are being withdrawn."
Lauding exporters for their resilience and hard work in sustaining the growth momentum, Mr. Kamal Nath announced a slew of ''innovative steps'' that included extension of the ''Duty Entitlement Passbook'' (DEPB) scheme till May 2009; extension of the interest subvention scheme where exporters are given bank credit at a reduced rate of 6 per cent; reduction of customs duty payable under the ''Export Promotion Capital Goods'' (EPCG) scheme from 5 per cent to 3 per cent; and lowering of average export obligation under the EPCG scheme. "The Interest subvention scheme would mean an outgo of Rs. 1,050 crore from the Central Exchequer in the current year," he added.
Lauding exporters for their resilience and hard work in sustaining the growth momentum, Mr. Kamal Nath announced a slew of ''innovative steps'' that included extension of the ''Duty Entitlement Passbook'' (DEPB) scheme till May 2009; extension of the interest subvention scheme where exporters are given bank credit at a reduced rate of 6 per cent; reduction of customs duty payable under the ''Export Promotion Capital Goods'' (EPCG) scheme from 5 per cent to 3 per cent; and lowering of average export obligation under the EPCG scheme. "The Interest subvention scheme would mean an outgo of Rs. 1,050 crore from the Central Exchequer in the current year," he added.
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