New Foreign Trade Policy Soon, says Sitharaman

Published: 29th January 2015 05:59 AM  |   Last Updated: 29th January 2015 05:59 AM   |  A+A-

NEW DELHI: The much-delayed Foreign Trade Policy (FTP) is expected to be rolled out soon, Commerce and Industry Minister Nirmala Sitharaman said here on Wednesday. The policy aims to roll out steps to boost exports which have remained low largely due to a global slow down.

Sitharaman.jpg“It has to be happening sooner,” Sitharaman said when asked about the expected time for announcement of the FTP. The announcement of the FTP (2014-19) has been delayed as ministries of commerce and finance are yet to take the final call on granting tax incentives for export promotion schemes.

She was talking to reporters on the sidelines of an Economics Summit here.

Exporters have already raised concerns over the delay in announcement of the FTP. Ten months of the current fiscal are already over.

The foreign trade policy, which is usually announced in April, provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment.

Under the policy, the government gives fiscal incentives to exporters under different promotion schemes such as Market Access Initiative, Marketing Development Assistance, Vishesh Krishi and Gram Udyog Yojana, Focus Market Scheme, Focus Product Scheme and Market Linked Focus Products Scrip.

The Finance Ministry has to allocate funds for these schemes and even after allocation.

India’s trade deficit declined to 10-month low of $9.43 billion in December mainly on account of falling imports due to slump in crude prices though exports too have come down.

Regarding her meeting with the US Commerce Secretary Penny Pritzker, she said a joint group will be set up which would have officials from both the countries to look at ways to boost investments in India.

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