NEW DELHI (PTI) In pursuance of the liberalisation efforts the government substanualy modified the export import policy to promote exports to bolster foreign exchange reserves while the rade and industry felt that it fell short of expectations.
The modifications which came in the wake of several representations from various chambers of commerce and industry, widens the definition of manufacture and capital goods to enable them to achieve further value addition to earn more foreign exchange through exports.
Announcing the features of the first quarterly review of the five point policy effective from April one 1992, the commerce secretary, A.V. Ganesan, ruled out any immediate pruning of the negative list of imports as widely demanded by the exporting community.
The modifications announced removed certain anomalies in the international price reimbursement and duty drawback schemes gave triple weightage to net foreign exchange earned on exports and allowed import of computer software under an advanced licensing scheme,
Ganesan said the changes in the policy would enable the country achieve at least 10 per cent export growth this year. The export Largest was however yet to be worked out, he added.
Reacting to the trade policy changes, the FICCI President Dr. V.L. Dum said the policy contained a few redeeming features and would resolve some of problems faced by exporters.
Article extracted from this publication >> June 10, 1994
