India foreign trade policy extended up to 2023 |
Prime Minister Narendra Modi`s government on September 26 decided to continue the existing Foreign Trade Policy beyond October 1, 2022, based on consultations held with individuals, industry associations, and industry bodies like the Federation of Indian Exporters Organisation and Engineering Export Promotion Council of India. The government was scheduled to announce the new FTP by the end of September. The government has indicated that something needs to be done for the services sector due to the current volatility in the currency as well as global uncertainty and hopes that the situation will be conducive for the new foreign trade policy in the next 6 months. The current Foreign Trade Policy (2015-20) has already been extended many times. While the industry has sought a new foreign trade policy with a long-term view after more rounds of consultations, the government expects to get more clarity with the delay of 6 months. The new policy is likely to be introduced on April 1, 2023, and the government has indicated that it is trying to remain sensitive to the concerns of exporters. FTP provides guidelines for enhancing exports to push economic growth and create jobs. It was first extended on March 31, 2020, for one year due to the coronavirus outbreak and the lockdown.
|
|
|
|