Business
New Foreign Trade Policy to be out on Wednesday
New Delhi, March 29
India will on Wednesday
announce its new Foreign Trade Policy (FTP), which will chart out ways
to increase and enhance exports, specifically in the services sector.
"Foreign Trade Policy 2015-20 to be unveiled on April 1, 2015," Commerce and Industry Minister Nirmala Sitharaman tweeted.
The
foreign trade policy, which is usually announced in April, provides
guidelines for enhancing exports with the overall objective of pushing
economic growth and generating employment.
The government gives
fiscal incentives to exporters under different promotion schemes like
the Market Access Initiative, Marketing Development Assistance, Vishesh
Krishi and Gram Udyog Yojana and the Focus Market Scheme.
Declining
for the straight third month, India's exports fell by over 15 percent
to $21.54 billion in February, even as trade deficit narrowed to $6.85
billion on the back of declining international crude oil prices.
While
the FTP has been delayed by a year, the commerce ministry will not hold
the customary Board of Trade (BoT) meeting chairmed by the minister
before finalising the policy, a senior official told IANS.
BoT
members include top industry leaders and representatives of exporters
body FIEO and export promotion councils and their views are included in
FTP.