Industry, exporters welcome interim foreign trade policy

New Delhi (PTI): India Inc on Thursday welcomed the trade facilitating measures announced in the interim foreign trade policy saying the steps will provide support to the Indian exporters reeling under the global economic slowdown.

"The measures are pragmatic keeping in line with the requirements of the time and will help the exporters in reducing transaction costs and time," Federation of Indian Export Organisations' President A Sakthivel said.

FIEO, the apex exporters body said, measures like rise in the number of nominated agencies, declaring Surat as a town of export excellence and increase in limit of personal carriage of jewellery, would boost the gems and jewellery sector.

However, FIEO asked for simplification of reimbursement procedure for instant refund of service tax.

Industry chamber CII said the announcements made by Commerce and Industry Kamal Nath would go a long way to address the concerns of Indian exporters.

"Announcement of the supplement to the foreign trade policy would go a long way in boosting employment generation in India as the export sector is the second largest employment generator in the country," CII Director General Chandrajit Banerjee said.

Source: http://www.hindu.com/