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Annual
Supplement 2005-06
THERE is a widespread, but not entirely accurate, perception within the
Indian elite that the nation's foreign policy began with its
independence in 1947. The ideas that Jawaharlal Nehru powerfully
espoused and vigorously applied for newly independent India's engagement
with the world have left an enduring framework of reference for the
political class.
India For India to become a major player in world trade, an all
encompassing comprehensive view needs to be taken for the overall
development of the country's foreign trade. While increase in exports is
of vital importance, the country must also facilitate those imports
which are required to stimulate the Indian economy.
Keeping this in mind the Foreign Trade Policy 2004-09 was announced
by Honourable Minister for Commerce & Industry Mr. Kamal Nath on
31ST AUGUST, 2004 with a target of the following:
» To double India's percentage share of global merchandise trade
within the next five years.
» To act as an effective instrument of economic growth by giving a
thrust to employment generation.
In one year we achieved the following:
» Against a target of 74 billion dollars worth of exports we have
managed to reach almost 80 billion dollars.
» 24% growth rate corresponded to the target of 16%.
» A growth of 34% in imports.
» Exports generated an incremental direct employment of 10 lakh
jobs in the year 2004-05.
Creating history with the success story, Annual Supplement 2005-06
of the Foreign Trade Policy 2004-09 was spoken of on 8th April’
2005 to put the following in target:
» Measures to enhance competitiveness of indias manufacturing
sector and employment generation.
» Big thrust on agri exports -- removal of export cess on agri and
plantation commodities proposed.
» Additional epcg benefits for agriculture and ssis epcg for
retail sector operationalised.
» New initiatives on infrastructure to reduce congestion at major
ports epcg extended to minor ports, icds & cfs.
» Big leap towards procedural simplification and cutting
transaction costs aayaat niryat single common application form
introduced.
» Imports under served from india scheme to allow bulk sourcing.
» Marine sector gets special attention in the wake of tsunami.
» Depb to continue replacement scheme under finalisation.
» Setting up of inter-state trade council proposed.
» 88 billions dollar in exports.
Quoting the concluding lines of the minister
Government is committed to resolving all outstanding problems and
disputes pertaining to the past policy periods through the Grievance
Redressal Committee set up last year, for condoning delays, regularizing
breaches by exporters in bonafide cases, resolving disputes over
entitlements, granting extensions for utilization of licences etc. The
atmosphere of partnership between Government and Business will be
enhanced and taken forward.
Thank you.
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