NEW DELHI: The Board of Trade (BoT) is meeting here on Monday to give its inputs on the foreign trade policy at a time when India's exports are on a downslide. BoT is the government's highest advisory body on export and import related issues and tomorrow 's meeting is likely to discuss incentives for exporters, which could be included in the foreign trade policy (FTP), a Commerce Ministry official said.
If there is a consensus on an issue, the same may become part of the FTP expected to be unveiled on August 27, he said. The FTP broadly spells out the segments of priority in external trade and decides on incentives and disincentives, depending on the co untry's needs.
The meeting is significant as it comes at a time when the the WTO has forecast the global trade would shrink by nine per cent this year. Exporters' body such as FIEO are hoping the board would recommend increased market development assistance and interes t subsidy to boost the sagging demand.
“The government should come out with sops so that exporters could explore new markets as there is demand slump in traditional markets of the US and EU,” FIEO Director General Mr Ajay Sahai said.
The board of trade is headed by Commerce Minister Mr Anand Sharma and industrialists like Mr Sanjay Kirloskar Mr Pawan Munjal, Mr Habil Khorakiwala, Ms Kiran Mazumdar Shaw, Mr K Satish Reddy and Mr Onkar S Kanwar.
Mr Anand Mahindra and Mr Azim Premji are also expected to attend the meeting tomorrow.
Source : Business Line