Target Plus to be revamped – DEPB to continue – Kamal Nath invites suggestions
Union Minister of Commerce and Industry, Kamal Nath has asked the high-level Board of Trade to give their inputs and suggestions for both the forthcoming Union Budget as well as Foreign Trade Policy (Annual Supplement), which is scheduled to be brought out in March this year. He further stated that the Target Plus scheme will be revamped to make it more focused and ensure that the scheme actually fulfils its objectives. “Since Rs.8,000 crore is being spent on the scheme, it must generate at least 20-30 times this amount by way of export earnings for the country”, he said.
Stating that he agrees with exporters on the need for a stable policy regime and the adverse impact of the extension of the DEPB (Duty Entitlement Pass Book) scheme in fits and starts for a few months at a time, Shri Kamal Nath has also indicated that the DEPB will continue till a new scheme was finalized. “Not only will it continue, but we are also committed to there being a reasonable overlap period in order to have a smooth transition”, he said.