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India's DGFT seeks suggestions for foreign trade policy

Nov '20
Pic: Shutterstock
Pic: Shutterstock
India’s Directorate General of Foreign Trade (DGFT) under the commerce and industry ministry recently sought suggestions from stakeholders, including industry and trade associations, for formulating the next foreign trade policy (FTP). The government had earlier this year extended the FTP 2015-20, valid till March 31 this year, up to March 31 next year.

The validity of various import-linked export schemes like Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG) was also extended subsequently by a year.

DGFT said that a Google form has been created to collate, analyse and process the suggestions and inputs. Stakeholders have been asked to send their comments only through this form rather than e-mail or paper based submissions by November 23.

The FTP provides guidelines for enhancing exports to push economic growth and create jobs and the government announces steps to promote goods and services exports under it.

At present, various benets are provided under different schemes such as Merchandise Export from India Scheme (MEIS), Services Export from India Scheme (SEIS), advance authorisation and export promotion capital goods in the policy.

India’s exports were $314.3 billion in 2019-20 and the Federation of Indian Export Organisations (FIEO) expects the country to clock outbound shipments lower than $300 billion in FY21 due to the COVID-19 impact on global demand. The country’s merchandise exports have hovered around $300 billion in the past five years.

Fibre2Fashion News Desk (DS)

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