COIMBATORE: The Indian Chamber of Commerce and Industry, Coimbatore (ICCIC) has hailed the positive features in the mid-term review of the Foreign Trade Policy 2015-20.
Vanitha Mohan, President, ICCIC, said the trust-based approach as reflected in the new self- ratification scheme for duty-free import of raw materials would help expedite export of important products like engineering, textiles and chemicals among others.
The incentives worth Rs. 8,450-crore package announced would give a fillip to export of goods and services mainly from labour- intensive segments and the Micro, Small and Medium Enterprises, besides increasing employment opportunities and creating value addition.
The Chamber has also welcomed the reduction in GST rates on transfer / sale of scrips to zero, and roll out of E-wallet for exporters from April 1, 2018.
“In all, it has set an ambitious target for India’s exports of goods and services. It is hoped that FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports,” Mohan added.