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Shri Kamal Nath, Union Minister of Commerce & Industry, has said that the new Special Economic Zones (SEZs) Act will further enhance the export-friendly environment in India which has already seen the country's exports touching 80 billion dollars during the financial year 2004-05. Describing the passage of the SEZ Bill in Parliament as "a golden milestone in the process of broadening and deepening India's export base", Shri Kamal Nath has said that the Act provides for very attractive fiscal incentives and tax concessions for the developers as well as manufacturers. The State Governments have a direct stake in the promotion of SEZs, the Minister has said, adding that the government looks forward to their cooperation in establishing the Zones. "We also hope that the Free Trade & Warehousing Zones (FTWZs) would take off now, as they will be entitled to the same fiscal incentives as SEZs", he said.
Shri Kamal Nath recently awarded Niryat Shree and Niryat Bandhu awards to those exporters and supporting agencies who have turned in excellent performance in the year 2002-03, at a function organised by the Federation of Indian Export Organisations (FIEO). He also gave away FIEO's Lifetime Achievement Awards to Shri Ramu S. Deora, past President, FIEO for his sustained efforts to promote the cause of exports and to Shri Prabhat Kumar, former Cabinet Secretary and former Textile Secretary for his contribution to the cause of export promotion. The Lifetime Achievement Awards are given by FIEO by way of recognition to individuals who contribute substantially to the country's export effort either at the policy making level or at the trade level.
Shri O.P. Garg, President, FIEO, has said that the exporting community is fully with the government in the national effort to achieve the multiple objectives of the new Foreign Trade Policy so as to reach the revised target of US $ 92 billion set by Shri Kamal Nath for the year 2005-06. He welcomed in particular the announcement by the Minister sometime ago which brought relief to a large section of exporting community for keeping in abeyance the Duty Entitlement Pass Book (DEPB) cases reopened by the Income Tax authorities. "This has been possible only with the active intervention of the Commerce & Industry Minister", Shri Garg said.
Meanwhile, Shri Kamal Nath who had recently attended a series of WTO meetings at Paris has said that: "India played a key role in resolving the deadlock on conversion of specific duties to ad valorem equivalent. But it is not celebration time yet! - a lot of work remains not only in Agriculture but also in non-agricultural market access (NAMA) and Services. India is determined to protect our defensive interests, while being ambitious in our areas of offensive interest. It is not correct to assume that in Agriculture we are only defensive; we are offensive here too, and I am particularly eager that Indian exports of horticulture, floriculture and processed foods increase. In the same way, in Services we aim to get good results especially in Modes 1 & 4. Our autonomous liberalisation has already put us on the right path in Mode 2. In non-agricultural tariffs, where we are approaching ASEAN levels".
SB/MRS
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