The Confederation of Indian Industry (CII) welcomes the enhanced focus on hi-tech exports and agricultural products in the Annual Supplement 2007-08 to the Foreign Trade Policy (2004-09) released by Mr. Kamal Nath, Union Minister for Commerce and Industry, here today.
Mr. R Seshasayee, President CII said the new scheme providing duty-free benefit for a list of products to be covered under high-technology exports would go a long way in promoting high-tech product exports from India.
Mr. Seshasayee was of the view that the series of measures announced to boost agricultural product exports, especially the value-added variants, is important to promote inclusive growth through exports. The focus on post-harvest value addition through a new scheme will also help cut down the wastage of agricultural products in the country while boosting value-added agricultural exports, the CII President said.
Agricultural exports will touch the lives of a majority of rural India and this can have a multiplier effect on economic growth, Mr. Seshasayee said.
Mr. Sanjay Budhia, Chairman CII Trade Policy Committee welcomed the decision to exempt service tax on the export of services. This has been the persistent request of the exporters and CII is happy that the Minister has exempted the tax.
Mr. Budhia welcomed the extension of the DEPB scheme and said that CII will work closely with the Ministry of Commerce in formulating a new scheme.
