The Commerce Ministry has started review of the Foreign Trade Policy (FTP) in order to see whether any support and any kind of correction is required for certain sectors to further boost exports. As part of the review, it would hold stakeholders’ consultations to understand the issues faced by exporters.
Commerce and Industry Minister Nirmala Sitharaman has said that FTP is in the process of a review. She also said that when it was declared in 2015, they had said that they will go for mid-term review so that if there is any correction that has to be done, it will be done. Sitharaman said that the Commerce Ministry had requested the states to appoint export commissioners and formulate a policy. She added that the strategy behind this is that the states must have, in line with the FTP, but stressing their own states’ strengths.
In April 2015, the government unveiled its first five-year Foreign Trade Policy (FTP) which aims to double exports of goods and services to $900 billion by 2020. In the FTP (2015-20), the government replaced multiple schemes with Merchandise Exports from India Scheme and Services Exports from India Scheme.
Since December 2014, exports fell for 18 months in a row till May 2016, mainly due to weak global demand. Shipments witnessed growth only in June this year, thereafter again entered the negative zone in July and August. The outbound shipments are growing from September but the global situation is still uncertain. In April-September 2016-17, India’s total goods exports slipped by 1.74 per cent to $131.40 billion compared to the same period last fiscal.