India to extend foreign trade policy, schemes till Sep 30
31 Mar 20 1 min read
India will reportedly extend the existing foreign trade policy (2015-20) and all schemes under that for six more months till September 30 because of the COVID-19 outbreak and the resulting country-wide lockdown. The existing policy’s validity ends today. Some more measures are also expected to be taken for exporters to ease strain caused by the outbreak.
The commerce ministry is already consulting all stakeholders for preparing the next policy for 2020-25, according to a news agency. The Directorate General of Foreign Trade (DGFT) is formulating the policy.
At present, tax benefits are provided under the Merchandise Export from India Scheme (MEIS) for goods and Services Export from India Scheme (SEIS).
Exports during April-February this fiscal dipped by 1.5 per cent to $292.91 billion. Imports during the period declined by 7.30 per cent to $436 billion, leaving a trade deficit of $143.12 billion.
The commerce ministry is already consulting all stakeholders for preparing the next policy for 2020-25, according to a news agency. The Directorate General of Foreign Trade (DGFT) is formulating the policy.
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At present, tax benefits are provided under the Merchandise Export from India Scheme (MEIS) for goods and Services Export from India Scheme (SEIS).
Exports during April-February this fiscal dipped by 1.5 per cent to $292.91 billion. Imports during the period declined by 7.30 per cent to $436 billion, leaving a trade deficit of $143.12 billion.
Fibre2Fashion News Desk (DS)
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