Foreign Trade Policy to be announced tomorrow
Unlike China, where about 40% of GDP was on account of exports, the exports in India accounted just 10% of the GDP.india Updated: Apr 06, 2006 17:57 IST
In a bid to take on China and create more jobs, India will unveil its Foreign Trade Policy on Friday.
The policy is likely to give a new thrust to toys, leather, textiles, stationery, sports goods and processed food exports.
"Exports are for jobs, not for dollars," Commerce Minister Kamal Nath said, promising to iron out difficulties faced by exporters, including simplification of procedures to push the exports, which has already touched a record 100 billion dollars in 2005-06.
Called the annual supplement of the five-year trade policy, it would give special thrust to employment generating sectors, including gems and jewellery besides new incentive scheme.
The government has already hinted that it would make India a manufacturing hub, particularly for small cars, leather, textiles and processed foods. The policy may contain measures to pursue export-led growth in the country similar to China.
Unlike China, where about 40 per cent of GDP was on account of exports, the exports in India accounted just 10 per cent of the GDP.
The immediate plan is to take merchandise exports to 150 billion dollars by 2008-09 and services exports to an additional 150 billion dollars as against 50 billion dollars at present.
The policy would also aim at promoting tradition rural and cottage industries like handicrafts, handlooms and khadi through improved marketing, packaging and introducing better technology.