Commerce Minister Anand Sharma on Tuesday released the annual supplement to India's Foreign Trade Policy 2009-14.
India's trade deficit in April was at $13.48 billion, according to data from the Ministry of Trade and Commerce. That number is a marginal decline from March 2012, when the trade deficit stood at $13.9 billion.
April imports increased 3.8 per cent on an annual basis to $37.94 billion. Oil imports, which account for the single largest chunk of India's import bill, increased 7 per ent to $13.9 billion from the corresponding period last fiscal, while non-oil imports were $24.03 billion.
Here are the highlights:
* The earlier trade policy was against a very different backdrop, focus was labou-intensive.
* Year ahead is full of challenges, current challenges are very disturbing.
* The current account deficit is a deep concern.
* Fixed gross capital formation has dropped.
* It will take time for US demand to pick up.
* We want to double India's share in global trade by 2020.
* It will take time for demand to return to pre-crisis levels.
* Last year, we identified 41 markets under special markets schemes, added 26 markets.
* We have expanded scope and coverage of special markets scheme.
* Aim to increase exports to $500 billion by 2014.
* There has been substantial increase in two-way trade.
* In advanced stage of European Union for comprehensive trade agreement.
* Earlier schemes have served us well, and we will continue in supplement.
* Broad principles in this supplement: Gainful employment, increase domestic manufacturing, encourage imports, green goods, endeavour to reduce transaction costs through reduction of procedures and human interface.
* Extend 2 per cent interest subvention on handlooms by one year, adding readymade garments, other categories.
* Zero percent EPCG scheme extended to end of current fiscal.
* Introducing new post-export EPCG scheme, 2 per cent interest subvention on exports extended.
* Focus on facilitating exports from north-east states.
* Setting up common service centres, common service providers in towns of export excellence to extend bank support. New towns of export excellence are Ahmedabad, Kolhapur and Saharanpur.
* Export obligation under EPCG reduced for wind turbines, solar cells.
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