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September 26, 2023

India extends Foreign Trade Policy till Sept 30

By Priti Naik

The Government of India has extended the existing Foreign Trade Policy (FTP) date till 30 September, 2022. According to the Commerce Ministry notification, FTP provides guidelines for enhancing exports to push economic growth and create jobs.

On 31 March, 2020, the government had extended the Foreign Trade Policy 2015-20 for one year till 31 March, 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 31 March, 2022 is extended up to 30 September, 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 Organizations (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 31 March, 2023.

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