The government has further extended the existing Foreign Trade Policy (FTP) till September 30 this year, according to a commerce ministry notification. FTP provides guidelines for enhancing exports to push economic growth and create jobs.
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.
In the policy, the government announces support measures for both goods and services exporters.
“The existing Foreign Trade Policy 2015-20 which is valid up to March 31, 2022 is extended up to September 30, 2022,” the Directorate General of Foreign Trade (DGFT) said in the notification.
The merchandise exports rose by by 37 per cent to USD 400.8 billion in 2021-22 until March 21 against USD 292 billion in 2020-21. Imports during the period stood at USD 589 billion, leaving a trade deficit of about USD 189 billion.
Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that it was a good consideration to extend the FTP for few more months.
In a separate notification, the DGFT said import of urea on government account is allowed through Indian Potash Ltd till March 31, 2023.
This is subject to a norm under the foreign trade policy.
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