FTP: The current foreign trade policy was extended till March 2023, why this decision was taken – understand here

Foreign Trade Policy: The government has decided to extend the currently in force Foreign Trade Policy (2015-20) for six more months. The government has extended the Foreign Trade Policy (FTP) 2015-20, which was valid till 30 September, for another six months. This will be effective from 1 October.

Commerce Ministry issued statement
According to a statement issued by the commerce ministry, the extension was given after receiving repeated requests from export promotion councils and exporters, urging the government to do the same. Giving this information, Additional Secretary in the Ministry of Commerce, Amit Yadav said that the current foreign trade policy has been extended till March 2023. Its term was to end on 30 September. Yadav said that various sectors like industry associations and export promotion councils were requested to retain the existing trade policy for the time being. He said that this decision has been taken after discussions with all the concerned parties related to foreign trade.

DGFT will issue notification
Many organizations related to foreign trade believe that in view of the global challenges and the volatility in the position of the rupee, it would be right to continue with the current policy. He says that it would be appropriate to implement the new foreign trade policy from the beginning of the new financial year. The Directorate General of Foreign Trade (DGFT) will issue a notification about the extension of the existing policy for another six months.

Foreign trade policy was till 30 September
The Ministry of Industry and Commerce had earlier said that it would issue a new foreign trade policy by the end of September. Earlier the existing policy was extended in April to September. Under the foreign trade policy, provisions are made to promote exports from the country and reduce dependence on imports. In this, the goal of accelerating the economic progress of the country and creating new jobs is also set.

Due to the fall in many currencies of the world, the atmosphere became unstable.
Ajay Sahai, director general of FIEO, Federation of Exporting Organizations, called the postponement of the implementation of the new foreign trade policy a wise decision. He said, ‘Situations of recession are being created in many countries and a big fall in currencies is also being seen. This is not the time to introduce a new trade policy.

India’s trade deficit widens to $124.52 billion
India’s exports grew by 17.68 per cent to $193.51 billion in the first five months of the current fiscal. But during this period, imports increased by 45.74 percent to $ 318 billion. In this way, the country’s trade deficit has increased to $ 124.52 billion in the April-August period.

The FTP provides guidelines for increasing exports, which will lead to employment generation and economic growth. On March 31, 2020, the government extended it for a year till March 31, 2021, amid the current coronavirus lockdown and rising infection rates.

read this also

Petrol and Diesel Price: What made petrol and diesel cheaper due to the sharp fall in crude oil, check the latest rates here

Aadhaar Card Fraud: UIDAI issued a warning for Aadhaar card holders, keep these things in mind in case of fraud