Commerce Ministry seeks stakeholder suggestions for next foreign trade policy

By: |
November 12, 2020 4:59 PM

The Directorate General of Foreign Trade (DGFT), in a trade notice, said a Google form has been created to collate, analyse and process the suggestions/ inputs.

The global agriculture equipment market is projected to reach USD 279.5 billion by 2025, growing at a compound annual groth rate (CAGR) of 6.5 per cent from 2018 to 2025.The global agriculture equipment market is projected to reach USD 279.5 billion by 2025, growing at a compound annual groth rate (CAGR) of 6.5 per cent from 2018 to 2025.

The Commerce Ministry on Thursday sought suggestions from stakeholders, including industry and trade associations, for the formulation of next foreign trade policy (FTP). The FTP provides guidelines for enhancing exports to push economic growth and create jobs.

The Directorate General of Foreign Trade (DGFT), in a trade notice, said a Google form has been created to collate, analyse and process the suggestions/ inputs.

Stakeholders are requested to send their comments only through this form rather than e-mail or paper based submissions within 15 days from November 12, it added.

“The foreign trade policy (2015-20) was extended for a year till March 31, 2021. In order to prepare a new five year FTP, suggestions/inputs are invited from various stakeholders,” the directorate said in a trade notice to export promotion councils, commodity boards, trade/industry bodies/associations/organisations, members of trade and industry and all regional authorities of DGFT.

The government announces steps to promote goods and services exports under a FTP.

At present, various benefits 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.

Since 2011-12, India’s exports have been hovering at around USD 300 billion. During 2018-19, overseas shipments stood at USD 331 billion, while it aggregated USD 314.3 billion in 2019-20.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Economic activity up on pent-up demand, may not sustain: Icra
2China economic activity can return to reasonable range in 2021: Premier Li Keqiang
3Finance Secretary, CBIC chief discuss anti-GST evasion steps with zonal heads