The much-delayed reboot of India’s Foreign Trade Policy, which has been unchanged since 2015 and whose revision has been due for 3 years, may finally be introduced by the top of this month, Commerce Secretary Sunil Barthwal mentioned.
Last September, the Commerce Ministry had deliberate to announce a brand new commerce coverage however deserted these plans and prolonged the ‘Foreign Trade Policy 2015-20’ by six extra months until March 31.
“During these six months, we have looked at various aspects of that policy and undertaken a visioning exercise, keeping our aspirations to achieve $1 trillion of merchandise and services exports each,” Mr. Barthwal mentioned. “So within that framework, we have worked out the Foreign Trade Policy and we are expecting that it would be released by the end of the month,” he added.
Curbing import invoice
Pointing to the decline in India’s items import invoice within the final couple of months, the Secretary mentioned this was a mirrored image of efforts steered by Commerce and Industry Minister Piyush Goyal to comprise pointless imports.
(*1*) Mr. Barthwal defined, including that it’s also being examined if there’s satisfactory home manufacturing capability to substitute imports.
“But it will depend on the global supply chain links too. Price differential also has to be seen,” he mentioned, including that the ministries have been urged to discourage imports the place potential as soon as they analyse their necessity.
