New Delhi, Apr 29 (KNN)  The new government will focus ‘vigorously’ on export and import substitution and will emphasize on promoting sectors such as pharma, engineering and other such products, according to Additional DGFT, Centre Licensing Area (CLA), Sumeet Jerath, who also said that the age old procedures and regulations, governing exporters would be trimmed and pruned to suit the exports requirements of the modern times.

“India being part of WTO cannot only think in terms its export promotion without equally supporting import substitution.  Therefore, the focus of the new Export & Import Policy would be to vigorously promote both exports and imports with significantly substantial focus on exports,” said Jerath during an Interactive Session of Members of PHD Chamber of Commerce and Industry with Directorate General of Foreign Trade (DGFT) CLA on Niryat Bandhu Initiative here yesterday.

However, he assured the Indian industry that while the new government would deepen its external engagements with exploring potential markets, it would also make sure that domestic pharma industry gets a fair deal and not be subjected to uncalled for regulations as happened with one of the leading pharma company of India recently. 

The domestic pharma exports would exceed to an extent of thousands of crores after the new EXIM Policy is put in place by the new government, indicated Jerath.

Jerath also disclosed that the DGFT’s second committee report on reducing transaction cost was ready for public consumption and suggest a way forward as to how the new government should tackle the issues, relating to higher transaction cost to enable exporters achieve the desired level of exports to both developed and developing economies.

He also said that age old procedures and regulations, governing exporters would be trimmed and pruned to suit the exports requirements of the modern times so that the realistic targets for exports set from time to time are made achievable to enhance the contribution of Indian exports to its national GDP. 

In the meanwhile, it would be the attempt of the policy makers to take India’s share in global trade to over 5 per cent from current level of 2 per cent in next five year period for which the new government will unveil its foreign trade policy after constitution of 16th Lok Sabha.

While addressing the session,   Senior Vice President, PHD Chamber, Alok B Shriram demanded fair deal for exporters out of the new foreign trade policy and urged the policy makers to restore some of the export promotion policies that were earlier in vogue. 

He also urged the officials of the DGFT present during the occasion that the new policies should be such as could help India deepen its external engagements with the rest of the world so that India makes a mark. (KNN/SD)