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India Inc welcomes FTP

India Inc welcomed the FTP, terming the measures as steps that would further boost the country's exports in various sectors.

india Updated: Apr 07, 2006 13:40 IST

India Inc on Friday welcomed the Foreign Trade Policy announced by Union Commerce and Industry Minister Kamal Nath, terming the measures as steps that would further boost the country's exports in various sectors.

The announcements would have a positive impact on the growth of gems and jewellery industry in the country and "our exports would grow by 20 to 25 per cent," Srenuj and Company Managing Director Shreyas Doshi said.

Government's intention to make Mumbai as a hub of gems and jewellery export in Asia and benefits announced would help the metropolis develop as one of the main centres of jewellery exports besides Dubai and Tel Aviv, he added.

Echoing similar sentiments, Invest Shopper CEO Ashish Kapoor said the move is very positive and would boost gems and jewellery industry within the country.

"The benefits announced would help the sector both within and outside the country. Exports would grow and more job opportunities would be created within the country," Kapoor said.

Commenting on the rationalisation of taxes for exporters, Mirza International Managing Director Rasheed Mirza said it would help grow profits.

"Rationalisation of FBT came as a surpise for the industry as nobody expected it. Neutralisation of FBT would help grow our profits," he said.

The move would help country's leather export to the US market, which is largely captured by China, Mirza said.

First Published: Apr 07, 2006 13:40 IST