The country's exports have already crossed the $100 billion mark to touch $101 billion this year from a mere $63 billion a couple of years ago.
Unveiling the annual supplement to the Foreign Trade Policy, Commerce and Industry Minister Kamal Nath said supplies to international flights would be treated as exports to make India a major refuelling centre for airlines.
Apart from measures to tap new export markets, diversify trade basket and fine tune it in line with changing dynamics of international trade, the review does not tamper with the broad contours of the policy, he said.
As a replacement to the popular Target Plus Scheme, which has been scrapped from April 1, Nath announced two new schemes - Focus Product and Focus Market - to diversify trade basket and tap emerging markets such as Africa and Latin America.
He also announced steps to promote cottage and village industries, besides making Export Promotion Capital Goods schemes more flexibile.
The Advance Licensing and Duty Free Replenishment Certificate schemes have been clubbed to make a new Duty Free Import Authorisation Scheme. The DFRC would be phased out from April 30, while the new scheme would be effective from May 1.
In order to make India a hub for auto parts, import of new vehicles for R&D activities by auto components manufacturers would be allowed without testing conditions.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group