Government sets export target at $160 billion
New Delhi: The government has fixed an export target of $160 billion for 2007and decided to exempt export services from service tax. It has also expanded the scope of a host of schemes to boost merchandise exports.

Commerce and Industry Minister Kamal Nath while announcing the annual supplement of the Foreign Trade Policy said the government had achieved the export target of $125 billion for 2006-07 and had set a target to achieve $160 billion in the current financial year.

Besides merchandise exports, the country also exported services worth $76.10 billion, he said.

Nath said the Vishesh Krishi and Gram Udyog Yojana for promoting agriculture exports had been expanded to include soyabean and coconut oil as well as food preparations such as soups.

The government also extended the popular duty entitlement passbook (DEPB) scheme for exporters till March 2008. A new scheme to replace DEPB would be finalised by then, Nath said.

He said, the Focus Product and Focus Market schemes have been expanded to include additional items and 16 more countries. The corpus of Focus Product scheme has been increased to Rs1,000 crore from Rs650 crore last fiscal.

Nath said that to boost developers of SEZs, and co-developers of these zones would be covered under duty refund schemes.

Nath also said the government was aiming at exports of $200 billion in 2008-09 to increase the country's share in global exports.
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Trai wants telcos to speed up verification process
New Delhi: Telecom regulator Trai has asked mobile operators to restore connection of users, whose lines were cut for want of identity and residence proofs, within 24 hours of verification.

Mobile companies have been unable to meet Trai's March 31 deadline for scrutinising user details, had suspended connection to thousands of subscribers.

In a statement, the regulator noted that telecom operators resorted to deactivation of lines even after submission of required documents.

Trai said that re-activated subscribers should get all the privileges and facilities like validity period, balance amount due to them, as per their earlier agreements/tariff plans.
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Left oppose raising FDI limit in insurance
New Delhi: The Left parties remained unconvinced on the need for raising Foreign Direct Investment cap in the insurance sector to 49 per cent and even after a group of ministers made a detailed presentation to the Left parties on certain technical issues in the insurance sector. Hence discussions on a Bill toward this end would have to be held again later.

Finance Minister P Chidambaram, who attended the meeting with the Left parties, declined to make any comment about the outcome of talks.

Planning Commission Deputy Chairman Montek Singh Ahluwalia, who was also present at the meeting, said, "Government today discussed only technical points with Left leaders. Another meeting would be called later during Parliament session to discuss the issue of FDI limit."
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