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Commerce and Industry Minister Anand Sharma on Tuesday said this financial year, India’s merchandise exports would exceed last year’s $300 billion. He, however, refused to comment on whether these would meet the government’s target of $325 billion.

At a press conference here, Sharma said, “Exports will be definitely higher than
last year’s. The trade deficit will be brought down substantially.”

Last year, during the annual review of the Foreign Trade Policy 2009-2014, the government had set an export target of $325 billion. While presenting the 2014-15 interim Budget earlier this month, Finance Minister P Chidambaram had said this financial year, exports would stand at $326 billion.

On gold imports, Sharma said soon, the commerce ministry would take up the matter with the finance ministry and seek relaxation of the 80:20 rule imposed by the Reserve Bank of India. Under the rule, import of gold isn’t allowed unless 20 per cent of the previous imports are exported. The norm had left many confused, leading to imports being held up at customs.

Sharma also said the commerce department would push for the withdrawal of five per cent duty on the export of iron ore pellets. “Value-added exports must be encouraged,” he said, terming the duty as a “disincentive”. The duty was imposed on January 27.

Commerce Secretary Rajeev Kher said the ministry was in talks with the revenue department on the matter. “We have clearly drawn to their (finance ministry) notice that this is a big disincentive to an initiative we took a couple of years ago; we consciously want to evolve the (exports) sector because these (iron ore pellets) are value-added products,” Kher said.

Commerce and Industry Minister Anand Sharma said on Tuesday in India's commercial exports this fiscal year will exceed $ 300 billion. He said, however, these will meet the target of $ 325000000000 Government refused to comment on. At a press conference here, Sharma said, "exports compared to the previous year will be certainly more. Trade deficit will be brought down to a great extent. " Last year foreign trade policy 2009-2014 during the annual review of the Government's $ 325000000000 had the export target. Earlier this month the interim budget 2014-15, Finance Minister p Chidambaram said this fiscal year, exports stood at $ 326000000000. Gold import Sharma soon to raise the matter with the Ministry of Commerce, Ministry of finance and the Reserve Bank of India taking the rest of the 80: 20 rule imposed by. Last import exported 20 per cent of the rules, are not allowed to import gold. Model being held on Customs for imports, had left many confused. Sharma said the Commerce Department iron ore pellets on exports will push for the return of five percent fee. "Value-added exports should be encouraged," he described as an "unnerving" duty, said. Duty was imposed on January 27. Commerce Secretary Rajeev kher Ministry on this matter was chatting with the Department of revenue. "We obviously we took a couple of years ago an initiative to discourage a big notice that their (Ministry of Finance), we have consciously these (iron ore pellets) value added tax because want to develop products (export) zone," kher said.


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Daily Export Import News - 04 March 2014

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Date News Title Source
04-03-2014 3 new SEZs proposed in state after two-year gap Times Of India
04-03-2014 Rupee recovers to 61.83 per dollar after opening lower Livemint
04-03-2014 Government to soon decide on FDI policy in railways: Anand Sharma NDTV
04-03-2014 Government removes minimum export price on onions NDTV
04-03-2014 Anand Sharma sees exports crossing $300-bn mark Business Standard
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