Question

Describe briefly the specific initiatives outlined in the year 2005 for promoting foregin trade. 

30 Jun 2022
Answer :
Word Count : 1366

The specific initiatives outlined in the year 2005 for promoting foregin trade are -

INTER STATE TRADE COUNCIL: It is proposed to engage the State Governments in providing an enabling environment for boosting international trade, by setting up an Inter State Trade Council. It is hoped that the Council would provide an appropriate institutionalized dialogue mechanism on the subject.

REMOVAL OF EXPORT CESS: The Department of Commerce has taken a consistent stand from a policy perspective that taxes and duties should not be exported. The cess levied under the different Commodity Board Acts is a tax on exports, which is a handicap and a major irritant to our exporters and erodes the competitiveness of Indian agriculture exports. Department of Commerce proposes to abolish cess on export of all agricultural and plantation commodities levied under various Commodity Board Acts.

EXPORT PROMOTION CAPITAL GOODS SCHEME:

For providing a thrust to the Agricultural sector, concessional duty imports made by agro units under the EPCG Scheme shall be allowed to fulfill the export obligation over a longer period of time with a reduced export obligation

To promote capacity expansion and quality up-gradation in the SSI sector, import of capital goods at 5% Customs duty shall now be allowed subject to a fulfillment of an export obligation equivalent to 6 times the duty saved on capital goods imported under the EPCG Scheme over a ___ ______ ________ __________ __________ ________ _____ _____ ________ _________.
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