India Inc. and exporters on Tuesday said measures announced in the Foreign Trade Policy would help in sustaining export growth momentum amid global uncertainties.
“We welcome the FTP announcements. The policy will help exports a lot during the time when there is economic problem in the U.S. and European markets,” FICCI president R.V. Kanoria said.
The government today unveiled a seven-point strategy to boost exports, which includes extension of interest subsidy scheme by one year till March 31, 2013. It also exuded confidence that India would be able to sustain 20 per cent export growth in the current fiscal.
Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said the measures would have a lasting and positive impact on the country’s trade.
“The announcements have exceeded our expectations. Labour-intensive sectors like textiles have been the thrust area of the FTP. We welcome the steps,” Ahmed added.
Apparel Export Promotion Council Chairman A. Sakthivel said the measures would give a huge boost to textiles sector.
“During the times of global slowdown, the incentives announced in the FTP would further help in increasing engineering exports,” Engineering Export Promotion Council (EEPC) Chairman Aman Chadha said.
India’s exports touched $303.7 billion in 2011-12, registering 21 per cent expansion.