The Ministry of Commerce & Industry on Thursday announced a number of concessions for various sectors to provide a much-needed boost to the country's exports.

In its final annual supplement to the five-year Foreign Trade Policy (2009-14), the government extended the Export Promotion Capital Goods (EPCG) scheme that allows exporters to import capital goods by paying zero duty.

Commerce & Industry Minister Anand Sharma announced that the zero duty EPCG benefit would now be available to all sectors.

Speaking on the topic, Mr. Sharma said, "We have decided not only to extend the zero duty EPCG scheme beyond March 2013, but also merge it with the 3% EPCG scheme. Now, the zero duty EPCG benefit will be available to all sectors."

In order to promote exports from SEZs, the government slashed the minimum land area condition by 50 per cent. The change will allow the establishment of a multi-product SEZ over 500 hectares of land. Previously, the requirement was 1,000 hectares. Minimum land requirement for sector-specific SEZs has been slashed from 100 hectares to 50 hectares.

Market Linked Focus Product Scheme (MLFPS) has been extended to add nearly 47 new products, with Yemen and Brunei as two new countries.

In addition, exporters will be able to continue to avail the interest subvention scheme of 2 per cent till March 2014. In addition to 134 sub-sectors of engineering, this scheme will include garments, handicrafts, carpets, handlooms, toys, and processed food.