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Highlights of Foreign Trade Policy review

The highlights of the annual review of the five-year FTP, unveiled by Commerce Minister Kamal Nath.

india Updated: Apr 07, 2006 18:19 IST

Following are the highlights of the annual review of the five-year foreign trade policy, unveiled by Commerce Minister Kamal Nath:

* Exports log $101 billion in 2005-06

* Growth target for export set at 20 per cent

* Focus on job creation, policy to create two million jobs

* Imports increase to $140 billion

* Scheme for job growth in rural areas expanded, to cover village and cottage industries

* Thrust on making India gems and jewellery and automotive hub

* Boost to services exports

* New "Focus Product and Focus Market" schemes introduced

* Import of precious metals and stones made easier

* Import of new vehicles by component manufacturers made easier

* Clear guidelines for import of genetically modified crop inputs

* Food supplies to international flights to be treated as exports

* Advance licensing and duty-free replenishments schemes clubbed

* New scheme called duty free import authorisation scheme launched

* Export promotion credit guarantee scheme made flexible

* Un-rebated service tax and fringe benefit tax to be factored in various schemes for exporters

* Interest on delayed payment on refund to be paid by government

* Fast track clearance procedures for export oriented units

* Major trade facilitation measures announced

First Published: Apr 07, 2006 14:12 IST