The government previously extended the 2015-20 FTP until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for improving exports to stimulate economic growth and create jobs.
“We notify it today evening or tomorrow … We have decided to extend the policy (2015-20) until March 31 (2022) … and in the (new) fiscal year we can start with the new one. police, “he told reporters here.
He expressed hope that by then the Covid-19 issues would be resolved and that a stakeholder consultation would be conducted for the new policy.
“As we still have not overcome all of the Covid issues, many consultations that were to take place are continuing,” Goyal said at the Vanijya Saptah closing ceremony, hosted by the ministry and the Federation of Organizations Indian Export (FIEO) here.
On March 31, 2020, the government extended the 2015-20 foreign trade policy for one year until March 31, 2021, amid the coronavirus epidemic and containment.
Under the FTP, the government offers incentives under various programs such as Duty Free Import Authorization (DFIA) and Export Promotion of Capital Goods (EPCG).
Exports from April 21 to September 21, 2021 totaled more than $ 185 billion, Goyal added. According to the trend, the country will meet the target of $ 400 billion for this fiscal year, the minister said.
The minister also said he was convinced that the goal of $ 1 trillion in exports, each for goods and services, is possible in the years to come.
“We are working with stakeholders on a roadmap to bring exports to $ 2 trillion (goods and services),” he added.
He said India needed to move from trade deficits to trade surpluses.
Regarding foreign direct investment (FDI), he said India has received historic flows and âwe hope to continue the same trendâ.
Speaking of the Dubai Expo, which will kick off on October 1, Goyal urged states not to miss the opportunity. “I am sure that Brand India will be recognized as a representative of quality, talent, innovation and competitiveness,” he said, adding that the national one-stop-shop system will ensure that trade rules are the same for all stakeholders, regardless of any differentiator.
“We want everyone to run and grow their business honestly. This will also ensure greater accountability,” the minister said.
In addition, the Minister also launched the âEase of Logistics portalâ.
FIEO President A Sakthivel said that to address the challenges exporters face due to a severe container shortage, the organization has taken the lead and developed a trade facilitation portal, www. easeoflogistics.com, to bring together exporters and logistics service providers on a single platform. .
He said that more than 1,800 exporters and more than 300 service providers integrated the portal during the soft launch.
âThe portal offers a value proposition to all stakeholders. Exporters can post details of their container requirements directly to service providers to provide their best quotes, allowing exporters to discuss, negotiate and finalize deals, âhe said.