In a watershed Exim policy, government announced a major package for exports of services, special focus on high growth sectors like textiles, auto, gems and jewellery and dismantled restrictions on export of five items like paddy, rare earth and cotton linters.
Unveiling the policy, Commerce Minister Arun Jaitely simplified procedures, made the popular Export Promotion Capital Goods (EPCG) scheme more flexible and attractive and gave new thrust to agriculture exports.
Aiming to achieve US$80bn annual exports by 2007 from the present level of US$50bn, the policy seeks to reduce transaction costs, introduce annual advance licence for status holders and diversify export markets by focussing on CIS countries from 1 April, and enlarging the growing African market by covering 24 countries.