JAITLEY ANNOUNCES EXTENSION OF EXPORT OBLIGATION
FOR REHABILITATION OF SICK UNITS
Shri Arun Jaitley,
Union Minister of Commerce & Industry and Law & Justice
today announced extension of the period of export obligation of
sick units in order to facilitate their rehabilitation, wherever
possible. "Like other developing countries, India is
a capital scarce country. We can not afford the luxury of dragging
on indefinitely the process of either rehabilitation or winding-
up of a sick unit. We have to ensure that a sick unit is quickly
rehabilitated in case it is possible to do so. To facilitate this,
we already have a provision for extension of the period of fulfillment
export obligation in case a sick unit is taken over. However,
there is no such provision for the existing management bringing
a unit back to health on the basis of an approved rehabilitation
programme. To remove this lacunae, we propose to allow extension
of the period of export obligation of sick units on the basis
of the draft rehabilitation schemes prepared by operating agencies
appointed by BIFR. Similar facility would be available for units
outside the scope of BIFR and under the scheme of rehabilitation
of the concerned states", the Minister said while announcing
EXIM Policy 2003-04 here today.
