''Export obligation under EPCG scheme to be reduced by 25 per cent to promote domestic manufacturing industry,'' Sitharaman told reporters after launching new Trade Policy here.

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With Prime Minister Narendra Modi's "Make in India" campaign in the backdrop, India's new five-year Foreign Trade policy was unveiled on Wednesday.

Declaring that she wants to "make India a significant factor in world trade by 2020, Commerce Minister Nirmala Sitharaman announced the foreign trade policy 2015-20.

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She added mega regional agreements like the proposed Trans Pacific Partnership (TPP) Regional Comprehensive Economic Partnership (RCEP) will profoundly affect the country's future trade.

In its blueprint for enhancing exports, the government has merged all earlier export promotion schemes under the two plans - the Merchandise Exports from India Scheme (MEIS) and the Served from India scheme (SFIS) for services exporters.

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The import duty exemption scrips valued at 10 percent of foreign exchange earned, which is given to service exporters as an incentive, have now been made tradeable and can be used for service tax, customs and excise duty payments.

"There is no conditionality in any of the scrips issued under these schemes, (MEIS, SEIS)," Sitharaman cited.

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Moreover, as a measure to boost the special economic zones (SEZs) units within them will now be able to avail the benefit of the MEIS and SEIS schemes.

The new policy has come at a time when India's merchandise exports continue to log a decent growth, having expanded by just 0.88 percent in the first 11 months of the  current fiscal.

Commerce Secretary Rajeev Kher informed that the 5-year Foreign Trade Policy will be reviewed after two-and-half years:

''Government aims to raise country's exports to USD 900 billion by 2020,'' Kher said.

To ease the doing business in India the new trade policy suggests local administrative supports. This policy focuses on manufacturing of local product as well.

The Minister cited that the government is committed to digitalise the all process to implement 'Digital India'.

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