To increase the nation’s export shipments, the commerce ministry is anticipated to announce the new five-year foreign trade policy (FTP) on September 29.
Till September 30, the present international trade policy (2015–20) remains in effect.
Due to the COVID-19 pandemic, the government extended this policy on March 31, 2020, for one additional year, ending on March 31, 2021. This year, it was again extended to the end of September.
The government outlines support measures in the policy for exporters of both commodities and services.
The official announced, “The new FTP will be released on September 29.” The plan to use districts as export hubs is anticipated to be included in that document.
In accordance with the plan, attention will first be given to a select group of districts that offer scalable products with significant export potential.
During the months of April through August of this fiscal year, the nation’s exports increased by 17.68% to USD 193.51 billion while its imports increased by 45.74% to USD 318 billion.
From April to August of 2021, the trade deficit increased to USD 124.52 billion from USD 53.78 billion.
(With inputs from PTI)
