The government has further extended the existing Foreign Trade Policy (FTP) until September 30 this year, according to a notification from the Ministry of Commerce.
The FTP provides guidelines for improving exports to stimulate economic growth and create jobs.
On March 31, 2020, the government had extended the 2015-20 foreign trade policy for one year to March 31, 2021, amid the coronavirus outbreak and lockdown.
In the policy, the government announces support measures for exporters of goods and services.
“The existing Foreign Trade Policy 2015-20, valid until March 31, 2022, is extended until September 30, 2022,” the Directorate General of Foreign Trade (DGFT) said in the notification.
Merchandise exports rose 37% to $400.8 billion in 2021-22 through March 21 from $292 billion in 2020-21. Imports during the period amounted to USD 589 billion, leaving a trade deficit of around USD 189 billion.
Federation of Indian Export Organizations (FIEO) Managing Director Ajay Sahai said it was a good idea to extend the FTP for a few more months.
In a separate notification, the DGFT said that import of urea on behalf of the government is permitted by Indian Potash Ltd until March 31, 2023.
This is subject to a standard under foreign trade policy.