New Delhi: Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year.
The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs.
“We are notifying it today evening or tomorrow…We have decided to extend the policy (2015-20) until March 31 (2022)…and in the (new) financial year, we can start with the new policy,” he told reporters here.
He expressed hope that by that time, Covid-19 issues would be resolved and stakeholder consultation would be carried out for the new policy.
“Since we have still not overcome the entire Covid issues, a lot of consultation which was expected to go in, is still continuing,” Goyal said at the closing ceremony of Vanijya Saptah, organised by the ministry and the Federation of Indian Export Organisations (FIEO) here.
On March 31, 2020, the government had extended the Foreign Trade Policy 2015-20 for one year till March 31, 2021, amid the coronavirus outbreak and the lockdown.
Under the FTP, the government provide incentives under different schemes such as Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG).
Exports during April-September 21, 2021, stood at over USD 185 billion, Goyal added. Going by the trend, the country will achieve the USD 400 billion target for this fiscal, the minister said.
The minister also expressed confidence that the target of USD 1 trillion exports, each for goods and services, is possible in the coming years.
“We are working with the stakeholders on a roadmap to take exports to USD 2 trillion (goods and services),” he added.
He said that India needs to move from trade deficits to trade surpluses.
On foreign direct investment (FDI), he said that India has received historic inflows and “we hope to continue the same trend”.
Talking about Dubai Expo, which will begin from October 1, Goyal urged states to not miss the opportunity. “I am sure Brand India will be recognised as a representative of quality, talent, innovation and competitiveness,” he said, adding the National Single Window System will ensure rules of business are same for all stakeholders irrespective of any differentiating factor.
“We want everyone to run and grow their businesses in an honest manner. It will also ensure more accountability,” the minister said.
Further, the minister also launched ‘Ease of Logistics portal’.
FIEO President A Sakthivel said that to address the challenges faced by exporters due to acute shortage of containers, the organisation has taken a lead and developed a trade facilitation portal, www.easeoflogistics.com, to bring exporters and logistics service providers on a single platform.
He said that over 1,800 exporters and over 300 service providers onboarded the portal during the soft launch.
“The portal offers a value proposition to all stakeholders. Exporters can post details of their container requirements directly to service providers for providing their best quotes, enabling exporters to chat, negotiate and finalize business,” he said.