Mumbai: The Central government would soon bring in incentives for hitech sectors and small and medium enterprises (SMEs). “Hitech sectors like biotech are increasing our service export and India is becoming a knowledge-based economy”, Special Secretary, Union Minstry of Commerce and Industry, Christy Fernandez said at a meeting organised by the Federation of Indian Export Organizations.
He also informed that by mid-April, the government is going to come out with “Annual Supplement” to the Foreign Trade Policy.
India’s Foreign Trade Policy has been formulated for the 2004-09 period but every year there is a review of the policy and improvements are made to it, he said.
“The government is looking at various issues with a view to give dynamism to the annual supplement and remove the hindrances for exports.”
The small and medium enterprises contribute about 40% to the country’s exports. So, the government plans to give incentives to them under the Export Promotion of Capital Goods Scheme.
Promoting the agri-export sector is another area which is top on the government’s plan for which it needs the support of state governments, he said.
At 33 ports, the government plans to coordinate and synchronise the existing electronic data interface for speedier movement of cargo and making transactions paperless by the end of 2007, Fernandez said.