New Delhi, Jan 14 (PTI) The commerce ministry is workingon new schemes for the next foreign trade policy (FTP), to bereleased in 2019-20, with a view to boost exports, a seniorgovernment official said.
The ministry has asked all the commodity boards and theconcerned ministries to identify those "support" structures,which are compliant to global trade rules.
"These support measures could be some schemes or someincentives or it could be infrastructure related. Thesemeasures should benefit maximum number of industries," theofficial said.
The ministry has recently released the mid-term review ofthe current foreign trade policy.
"We have started the work now, so that by the time wehave to come with the new FTP, we would be ready with thefinal blueprint as we have to consult finally with the financeministry," the official added.
The five-year foreign trade policy provides guidelinesfor enhancing exports with the overall objective of pushingeconomic growth and generating employment.
Under the policy, the government announces steps forexporters. Currently, the government has two schemes –merchandise and services export from India scheme. The FinanceMinistry has to allocate funds for these schemes.
Last month, the government announced incentives worth Rs8,450 crore to boost exports of goods and services, mainlyfrom labour-intensive sectors.
During April-November this fiscal, the country's totalmerchandise exports grew by 12 per cent to USD 196.5 billion.
PTI RRBAL.
This is unedited, unformatted feed from the Press Trust of India wire.