India: Government to release mid-term foreign trade policy review on December 5

NEW DELHI: The government on Wednesday said it will release the mid term review of theForeign Trade Policy (FTP) next week. The directorate general of foreign trade in an office order said the review will be released on December 5. 

The FTP review was earlier to be released before July 1, in line with the goods and services tax (GST) rollout. However, it was delayed as the government planned to factor in the exporters'' feedback on relevant issues postGST. The five-year FTP was announced on April 1, 2015 and laid an ambitious target of touching $900 billion of exports of goods and services by 2020. It also provided for a review when the policy was half-way through and marked a departure from the earlier practice of an annual supplement to the policy. 

It also aimed increasing India’s share of world exports from 2% to 3.5%. However, exports dipped for the first time in 15 months in October, falling 1.1% to $23.1 billion and are expected to fall further in November as exporters turn away clients and new orders while they get to grips with the new tax regime, which was rolled out on July 1. Last month’s trade deficit widened the most in three years to $14 billion. 

The review is aimed at taking corrective steps by assessing the impact of export sops on various sectors besides propelling SMEs which generate jobs. India exported goods worth $274.6 billion in 2016-17, 4.7% higher than $262.2 billion in the previous year. The Federation of Indian Export Organisations has pegged India''s exports to reach $700-725 billion by 2020. 

Source: Business Today, India
Saturday, 02 December 2017

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