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Local chapter of Indian Chamber of Commerce and Industry on Wednesday welcomed the Mid-Term Review of Foreign Trade Policy announced by the Union Ministry of Commerce and Industry.

“We are extremely glad that the policy contains several positive features. The trust-based approach as reflected in the new self- ratification scheme for duty-free import of raw materials will greatly help in expediting export of a number of important products like engineering, textiles, chemicals and high-tec, Chamber president,” Vanitha MOhan said in a statement here.

The incentives worth Rs.8,450 crore package announced will boost exports of goods and services mainly from labour- intensive segments and the Micro, Small and Medium Enterprises – and will increase employment generation and value addition and the focus on MSME and labour – intensive sectors would help the “Make in India” initiative, she said.

Welcoming the salient features of the policy such as GST rates on transfer / sale of scrips reduced to zero, E-wallet for exporters to be launched from April 1, 2018, Vanitha Mohan said that In toto the FTP for the period 2015-20 has set an ambitious target for India’s exports of goods and services. It is hoped that FTP will continue to be reviewed and evaluated regularly for addressing concerns of the exporters, simplification of procedures and for promotion of exports.

In a separate statement, Southern India Mills’ Association Chairman, P Nataraj said that policy has given thrust of Ease of Doing Business, Ease of trading across Borders, exploring new export markets, new export products, simplification of procedures and processes and establishing National Trade Facilitation Committee headed by Cabinet Secretary to boost exports.