Home / Knowledge / News / Textiles / Revised Foreign Trade Policy to promote SME exports
Revised Foreign Trade Policy to promote SME exports
08
May '17
Minister of state for commerce and industry Nirmala Sitharaman interacting with the media on mid-term review of Foreign Trade Policy 2015-2020, in New Delhi. Courtesy: PIB
Minister of state for commerce and industry Nirmala Sitharaman interacting with the media on mid-term review of Foreign Trade Policy 2015-2020, in New Delhi. Courtesy: PIB
The core focus of the revised Foreign Trade Policy (FTP) would be promoting exports from the small and medium enterprises (SMEs) and sectors with high employment potential such as apparel. The revised FTP would be released early to synchronise the same with roll out of Goods and Services Tax (GST), commerce and industry minister Nirmala Sitharaman has said.

Sitharaman chaired a meeting on the mid-term review of FTP 2015-2020, organised jointly by department of commerce and Research and Information System for the Developing Countries (RIS). It was attended by the trade policy experts from the industry, academia, research and government.

Major suggestions discussed during the deliberations related to promoting rupee trade, facilitating not only exports but also imports, and reducing cost of credit. Participants recommended harnessing the high foreign exchange earnings and large employment generation potential of services related to the tourism, education and health sectors.

Concerns were also raised on issues relating to GST and its impact on export. Minister said that department of commerce has already taken up these issues with department of revenue (DoR), and assured that it will again take up these issues with DoR for placing it before GST Council to find a solution.

Critical role of logistics sector for export competitiveness was also discussed. Reducing the cost of credit in promoting exports, export basket diversification, strategy for promoting value added exports, agriculture exports and services exports were also deliberated, an official statement said.

The mid-term review of FTP 2015-2020 was initiated by the department of commerce in January 2017. As part of the process, director general of foreign trade (DGFT) has held consultation with a cross section of stakeholders, including exporters, traders, export promotion councils, commodity boards, various ministries of the Central and state governments, foreign missions of India and industry bodies. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

PVH, WWF tie up to protect water bodies in Ethiopia, India

Apparel/Garments | On 23rd Apr 2018

PVH, WWF tie up to protect water bodies in Ethiopia, India

PVH Corp , parent company of brands like Tommy Hilfiger, Calvin...

Interviews View All

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search