India providing stable policy regime through foreign trade policy: Sharma

New Delhi, June 8 (ANI): Union Commerce and Industry Minister Anand Sharma on Friday said that India is providing a stable policy regime through its Foreign Trade Policy (FTP).

Addressing a national seminar on Foreign Trade Policy organized by FICCI here, Sharma said: "We have persisted in providing a stable policy regime through our Foreign Trade Policy which has provided a measure of confidence and continuity for our exporting community."

Continuing on the theme of market diversification, Sharma said "Our exports to Asia, Africa and Latin America last year amounted to 188 billion USD comprising 62 per cent of total export basket which is indeed a significant development."

"This year's annual supplement of FTP has added 14 new markets under different schemes. The extension of interest subvention and the expansion of its coverage has been well received by industry. The extension of zero duty EPCG scheme by another year and the enlargement of its scope has also found resonance as it catalyzes a technological upgradation," he added.

Referring to the objective to double up the trade by 2014, Sharma also said that the trade deficit is mounting.

"This year the prognosis is not good. Global trade will also shrink by a percentage point," he added.

Speaking about the engagements with Pakistan, Sharma said that they have a well-thought out plan with Pakistan... and that in less than a year, things have moved forward a lot."

He also said that India is also working on making South Asian economic integration a reality in the near future.

He further said that the time has come when China will be interested in making investments in India, as red tapes and all sorts of bottlenecks have been removed.

"The National Manufacturing Policy is now in a functional stage and that his ministry envisages of making India a hub of manufacturing in the future. Separate Investment Promotion Board has also been set up," he added.

The members from industry side, however, raised their concerns regarding various facets of the recently-announced Foreign Trade Policy, to which responses were given by Sharma. (ANI)