India to announce new foreign trade policy |
Indian Ministry of Commerce and Industry is likely to announce India`s new foreign trade policy on September 29 to promote the country`s outbound shipments. The current foreign trade policy is in force till September 30. The current policy which was primarily announced in 2015 was meant to continue till 2020. However, owing to the outbreak of the COVID-19 pandemic, the government extended it for another year till March 31, 2021, and once again till September 30, 2022. The new scheme is expected to focus on developing certain districts, having scalable products that hold huge export potential, as export hubs. Ease of trade, IT enablement, e-commerce, research and development, lowering transaction costs, et cetera are the other factors that may be taken into consideration while framing the new FTP. India is targeting to achieve a target of $1 trillion in exports in goods and services by 2030. The 2021-22 data for Indian exports recorded an all-time high of $422 billion, which was about 44 percent higher than the previous year`s data. However, the slowdown in global demand has caused a deceleration in growth in the last two months. The report also added that the new FTP is likely to focus on promoting digitization.
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