The new foreign trade policy will take effect on September 30 and has been designed with the next five years in mind. The policy will present the “Amritkaal” roadmap. The policy will boost Indian exports. Here are some of the most important facts about the policy;
- The policy is expected to be announced on September 30.
- It will include provisions regarding the One District One Product (ODOP)
- E-commerce and new export centers will be created as a result of the policy.
- The policy will encourage the promotion of competitive and high quality exports.
- A separate council for the promotion of exports will be created.
- Special Economic Zones (SEZs) will be upgraded and renamed DESH – Development of Enterprise and Services Hubs.
- The consultation work is over.
- The new foreign trade policy could be unveiled before September 30.
- The policy is being implemented after a two-year hiatus.
- In the aftermath of the coronavirus pandemic, the government extended the existing policy.
- The previous policy was due to expire in 2020.
- The first phase of the program will cost between Rs 2200 and Rs 2500 crore.
- The Ministry of Trade and Industry has prepared an implementation plan for the ODOP.
- Each district will have an export hub.
- All districts have a level of potential unmatched in many countries.
- Each district has an export promotion committee set up by the Ministry of Commerce.
- Construction work on the required infrastructure is underway.
- An exhaustive list of exports has been drawn up.
The national company will benefit from FTAs (free trade agreements)
- This will significantly increase exports.
- There will be changes that will benefit MSMEs.
- The government has signed trade treaties with a number of countries.
- Trade deals with the UK are expected to be signed this month.
- An FTA with Canada should be signed by Diwali.
- A complete list of exports has been compiled.
Restructuring of the Commerce department
- Changes are being made to help India become a developed economy.
- Business people will be included.
- For policy formulation, experts from various sectors will be present.