India to enact new Foreign Trade Policy

Tuesday 31st March 2015 14:12 EDT

India will announce its new Foreign Trade Policy (FTP) on Wednesday, which will chart out ways to increase and enhance exports, specifically in the services sector. "Foreign Trade Policy 2015-20 to be unveiled on April 1, 2015," Commerce and Industry Minister Nirmala Sitharaman tweeted.

The foreign trade policy, which is usually announced in April, provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment.

The government gives fiscal incentives to exporters under different promotion schemes like the Market Access Initiative, Marketing Development Assistance, Vishesh Krishi and Gram Udyog Yojana and the Focus Market Scheme.

Declining for the straight third month, India's exports fell by over 15 per cent to $21.54 billion in February, even as trade deficit narrowed to $6.85 billion on the back of declining international crude oil prices. While the FTP has been delayed by a year, the commerce ministry will not hold the customary Board of Trade (BoT) meeting chairmed by the minister before finalising the policy, a senior official said.

BoT members include top industry leaders and representatives of exporters body FIEO and export promotion councils and their views are included in FTP.

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