New Delhi, Nov 14 (PTI) The mid-term review of theforeign trade policy (FTP), aimed at promoting exports, willbe released soon, Commerce and Industry Minister Suresh Prabhusaid today.
He said the commerce ministry is working on countryspecific strategy for exports.
"Very soon, we will come out with a mid-term review ofour foreign trade policy," he said here at the inauguration of37th India International Trade Fair (IITF).
He said promotion of international trade would help boostthe country's economic growth.
"We would like to increase our exports but also would notdiscourage imports. We will like to have an internationaltrade as a thrust for developing India's GDP and economy," headded.
The five-year foreign trade policy (2015-20) provides aframework for boosting exports of goods and services besidescreation of employment and increasing value addition.
The minister also informed that the redevelopment plan ofthe Pragati Maidan is underway and within two years, a worldclass facility will be developed for convention andexhibitions.
Talking to reporters, he said the ministry is helpingexporters in resolution of issues related with Goods andServices Tax (GST).
Inaugurating the 'Startup India Standup India' pavilion,he said start-up India is a reality now and over 20,000startups are there in India.
The minister stated that he has asked SIDBI officials tolook at funding issues being faced by young entrepreneurs.
"I have told them that there should be no problems offunds," he said, adding that the ministry will soon beorganising a round-table for starts-ups with the help ofInternational Finance Corporation.
"We will be inviting all big VCs. We are calling angleinvestors," he said.
Speaking at the inauguration of IITF, Jaharkhand's UrbanDevelopment Minister C P Singh said the state is taking stepsto improve ease of doing business.
The 'Partner Country' of the fair is Vietnam and theFocus Country is Kyrgyz Republic. Jharkhand is the partnerstate for the fair.
"I invite all business to invest in Jharkhand," he added.
President Ram Nath Kovind inaugurated the fair whichis witnessing participation of about 7,000 exhibitors fromacross the globe. It being is organised by ITPO at PragatiMaidan here.
Set up in 1977, India Trade Promotion Organisation (ITPO)is the nodal trade promotion agency which works under thecommerce ministry.
'Startup India Standup India' is the theme of the fair.
The fair will remain open to the visitors from 9.30 am to7.30 pm, on all days (November 14-27).
The first four days are earmarked for business visitors.
The ITPO's flagship fair this year is happening on asubdued note as a new international exhibition centre is stillunder construction. The ongoing construction of the centre hasforced them to cut down the scale of the fair.
From over 1 lakh square metres, the area has been reducedto about 55,000 sq m this time.
Nearly 3,000 exhibitors are showcasing their productscompared to 6,000 last year.
Over 220 foreign participants and 300 domestic companiesare slated to participate in the mega event.
Pakistan is not participating this year either. Due toheightened tensions between the two nations, Pakistan hadbacked out last year.
The world-class Integrated Exhibition-cum-ConventionCentre (IECC) is coming up at Pragati Maidan at a cost of Rs2,254 crore. The redevelopment of the ground as a modern, up-to-date centre for holding global conferences and exhibitionsis being planned in two phases. PTI RRSA.
This is unedited, unformatted feed from the Press Trust of India wire.