Government has announced a package of over 900 crore rupees to cushion the exports and offset the impact of global financial meltdown in US and Europe. Commerce and Industry Minister Anand Sharma announced the new measures that are part of the annual supplement of the Foreign Trade Policy. 

The new measures include a scheme to provide special assistance to engineering, pharmaceuticals and chemical sectors was announced on the occasion. Under this scheme, Fifty products in these sectors will get special bonus of additional one per cent of export value between October and March this fiscal. Mr Sharma also introduced a Special Market Scheme to increase the global competitiveness of exports. Under this scheme, special assistance will be provided for exports to markets in Latin America, Africa and CIS Countries.

AIR Correspondent reports that shipments to these regions will now be eligible for additional one per cent duty credit besides three per cent already being given. Government also launched the Niryat bandhu scheme with an aim to encourage new and young entrepreneurs in export business. Announcing the new steps, Mr Sharma said that Exports are poised to reach 500 billion US dollars by 2014.

Chairman of the Federation of India Export Organisation R Deora hailed the new incentives as Diwali bonanza for the exporting community. He said that the measures will help the export industry to deal with the global crisis.