Objectives

• To accelerate the country's transition to a globally oriented economy in order to derive maximum benefits from expanding global market opportunities.
• To stimulate sustained economic growth by providing access to essential raw materials, intermediates, components, consumables and capital goods required for augmenting production.
• To move towards a trust based system.
• To overcome the recent erosion in export competitiveness in specific sectors.
• Remove infrastructure bottlenecks and transaction costs.
• Increase productivity and investments.

• 340 items shifted from restricted list to OGL.
• DEPB scheme to continue.
• DEPB rates for over 300 export items to be announced soon.
• 5% special customs duty under DEPB to be neutralized.
• Threshold limit of Rs. 20 crore under zero duty EPCG scheme reduced from Rs. 20 crore to Rs. 1 crore for garments, electronics, gems & jewellery, sports goods, leather, toys and agro and food processing sectors.
• EPCG zero duty threshold limit for software sector reduced to Rs. 10 lakh.
• Special import license allowed to ISO-9000 quality certification holders for export of "on-site" consultancy services.
• Private bonded warehouses being setup, to import, stock and sell even negative list items.
• Setting up of private bonded warehouses for SSI sector allowed.
• Licensing functions being decentralized.
• More time granted for filing post-export DEPB claims.
• Depreciation limit being enhanced for EOU/EPZ units in the electronics sector raised from 70% to 90%.
• Value addition norms for gems and jewellery revised.
• Value addition norms dispensed with for agriculture and allied sector EOUs and EPZs.
• Replenishment licensing scheme extended to silver and platinum.
• Exports of oilseeds and oil relaxed.
• Computerization of DGFT offices to be completed by year-end.
• Anti dumping directorate set up.
• Clubbing of advanced licenses allowed.
• Gold jewellery exporters allowed.
• Garment exports permitted to import trimmings and embellishments as part of personal baggage.
• Self-removal procedure for clearing of imported goods by EOUs and EPZs under discussion with finance ministry.

• A stable agro export policy on anvil.
• An infrastructure ministry.
• Realignment of the exchange rate to offset the impact of the South-East Asian currency crisis.
• Consultations with top 500 corporate to help them increase exports to 20% of turnover.
• Rationalization of export tariff anomalies.
• Concessional credit to exporters.
• Recast of fiscal incentives on export profits.