FTP 2009-14 to Continue Till 31st March 2015, says FIEO President Quoting Sources

Pleads for Retrospective Renewal of Interest Subvention Scheme

The exporting community was looking for the new Foreign Trade Policy since the current policy was up to March 2014. Exporters were not able to plan in advance for the future export orders as there was no clear cut date for policy provisions to be in place. However, it has now been informed by the sources in the Commerce Ministry that the Foreign Trade Policy will continue till March 2015. It will enable exporters to finalize their export orders as now there is certainity of the policy provisions to be in place.

Exporters are of the view that the Interest Subvention Scheme which has expired in March 2014 should also be continued retrospectively as the cost of credit is very high and Indian export is not competitive due to high cost.

India’s export has shown growth in seven out of eight months in the current financial year over the last year. The cumulative exports during Apr-Nov, 2014 was USD 215.75 billion has also shown growth of 5% over the exports during last year. However, with the current pace of exports, we shall be only able to reach the export target of USD 340 billion. The President, Federation of Indian Export Organisations (FIEO) has, therefore, urged upon the government for special measures for the exporting community in the last quarter of the fiscal.