Country’s overseas commerce coverage (FTP) shall be prolonged until March 31, 2022 for six months, Commerce Minister Piyush Goyal mentioned on Monday.
The minister’s feedback got here simply days earlier than the coverage’s earlier extension ends on September 30, 2021.
The FTP for 2015-2020, which underlines the fundamental contours for reinforcing exports with the purpose of enhancing financial progress, had earlier been prolonged until September 30, 2021 by the federal government due to the Coronavirus pandemic.
Speaking to reporters, Mr Goyal mentioned that the choice is more likely to be notified by September 28. He additional added that after the prevailing FTP ends on March 31, 2022, a brand new coverage can be initiated within the subsequent monetary 12 months.
The minister was hopeful that by the point the newest extension of the FTP will come to an finish, points arising out of pandemic would have been largely resolved and consultations might start for the brand new FTP.
“Since we have still not overcome the Covid issues, a lot of consultation which was expected to go in, is still continuing,” he mentioned throughout an occasion organised by the Federation of Indian Export Organisations (FIEO) within the nationwide capital.
On March 31, 2020, the federal government had prolonged the Foreign Trade Policy 2015-20 for one 12 months until March 31, 2021, as a result of Coronavirus outbreak and the resultant lockdown. It was later additional prolonged until September 30, 2021.
Under the FTP, the federal government offers incentives below completely different schemes similar to Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG).
India’s exports had been at $185 billion throughout the April-September 2021 interval, Mr Goyal knowledgeable and expressed confidence that at this price, the nation will be capable of obtain the $400 billion goal earmarked for 2021-22.