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India’s exports will touch $200 billion in 2009, according to a majority of CEOs polled by CII. The polled CEOs feel India would become a major player in the global market provided the government ensures stability without any mid-term changes in policy. The government is likely to announce the annual supplement to the Foreign Trade Policy on 4th April,2008.
India had set an export target of $160 billion for this fiscal, which is likely to fall short due to rupee appreciation. According to sources, the government may raise export target by 30 per cent for 2008-09 to $200-$225 billion.
The polled corporate bosses said that if the number of different export promotion schemes were to be brought down this year, then schemes like Duty Entitlement Pass Book (DEPB), Export Promotion Capital Goods (EPCG), Duty Free Import Authorisation (DFIA) should continue. The DEPB scheme and interest subvention to specified sectors would be over by March 31, 2008.
The government should continue simplifying export and import procedures for small and medium enterprises, which contribute a large portion of total exports from the country, said the CEOs surveyed by CII. The government should enhance the powers of regional and zonal offices of the Directorate-General of Foreign Trade (DGFT) to ensure quick local approvals to exporters. Presently, the cases are sent to the head office of DGFT in New Delhi for approval. According to the poll, there is a need for a mechanism to control sudden increase in sea freight. There has been a 61 percent increase in sea freight last year, which made exports uncompetitive.