| Date: |
08-10-2014 |
| Subject: |
New foreign trade policy likely to be announced on Oct 20 |
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The new foreign trade policy is likely to be announced on October 20, said sources. The new five-year foreign trade policy (2014-19) is likely to include incentives for domestic value-added products, new rules for special economic zones (SEZs) and a likely review of free trade agreements (FTAs) that India had signed with various countries and group of nations.
Hinting at the contours of the new policy, commerce and industry minister Nirmala Sitharaman had said that it would be “different”.
“Very soon the FTP will be unveiled. I can give you a broad idea, but not an intrinsic details. Whatever was the structure of earlier FTPs, it would be different from that," Sitharaman has said last month while addressing a press conference on completion of the 100 days of the NDA government.
India's exports in the last three years have been hovering around USD 300 billion, and steps are on to boost it further and enhance its contribution in the world trade.
All exports and import-related activities are governed by the FTP, mainly aimed at enhancing the country's exports and use trade expansion as an effective instrument of economic growth and employment generation.
Services sector contributes about 55 percent to the country's gross domestic product. During May, services exports were about USD 14 billion.
During April-June period of the current fiscal, exports grew 9.31 percent to USD 80.11 billion. India's exports in 2013-14 were worth USD 312.35 billion, lower than the targeted USD 325 billion.
The country's exports stood at USD 300.4 billion in 2012-13 and USD 307 billion in 2011-12.
Source : moneycontrol.com
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