COMMERCE MINISTRY BRING OUT NEW FOREIGN TRADE POLICY

Commerce Ministry is already working to bring out a new foreign trade policy to enhance India’s export. A new policy is expected to be released by the end of September.

This new Five-year FTP ‘Foreign Trade Policy’ aim is to promote Job creation, Export and make them more competitive. For this scheme, the Commerce Ministry’s arm, the Directorate General of Foreign Trade (DGFT) will soon send the proposal to the Finance Ministry for seeking the funds.

The new policy displays the guidelines about imports and export in India. Initially, this scheme would focus on 50 districts to check the product’s scalability and huge export potential. ‘The Challenging Route’ method would be followed by DGFT for selecting the districts.

It could also venture into new areas like e-commerce. This new policy not only provides various export benefits but also pushes economic growth by creating job opportunities in the economy.

On March 2021, the Government extended the Foreign Trade Policy 2015- 20 till September 30, 2022. The new release will be encouraging the small Exporters in the market by providing them the monetary support.

The new FTP’s goal is to accomplish the export target of $1 trillion by 2030 as visioned by the government.