Foreign Trade Policy to be announced on Friday

With India's exports all set to touch $80 billion in 2004-05, the new Foreign Trade Policy to be unveiled on Friday will have a slew of measures to boost farm exports apart from traditional sectors like textiles, gems and jewellery.

The policy, to be presented by Commerce and Industry Minister Kamal Nath, is also expected to put in place a new scheme to replace the popular Duty Entitlement Passbook Scheme, which is not WTO-compatible.

The provisions of DEPB will, however, be available till September for a comfortable switchover for exporters.

The policy is likely to have a special package for marine exports, which have been badly hit by the tsunami.

As a part of this package, fishing regulations may be relaxed by making provision for processing of certain varieties like tuna, official sources said duty-free imports of machinery and equipment required in fishery culture and processing are also expected to be allowed under the Export Promotion Credit Guarantee Scheme.

The government is also likely to bring dairy and poultry sectors under the ambit of Vishesh Krishi Upaj Yojana.