Centre to extend existing foreign trade policy till March 2022: Goyal
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.