In yet another stimulus-cum-populist move, the government today announced the interim trade policy for the year FY10. Kamal Nath announced reduction in customs duty under the EPCG scheme from 5 per cent to 3 per cent.
Fixing an export target for fiscal FY10 at $200 bn, he said that exports had grown to $162 billion in 2008 and will touch $175 billion for FY09. The export sector created 14,00,000 new jobs this fiscal, he added. India had achieved a growth of 30.9 per cent till September this year.
Exports from India's special economic zones are expected to touch $18 billion in the year to March 2009, he said.
India is likely to suffer less, and recover fast from global crisis, he added .
