Goyal Seeks Inputs For Early Release Of Foreign Trade Policy
New Delhi: Commerce Minister Piyush Goyal on Thursday said the government is trying to unveil the Foreign Trade Policy (FTP) at the earliest and the industrial policy for the domestic sector is also on the way with some discussion still continuing with states and with the Finance ministry.
“We are engaged in finalising our industrial policy by the Department of Promotion of Industry and Internal Trade (DPIIT) and foreign trade policy by commerce. We need suggestions from you all so that we can come up with these two policies very quickly and need not wait for deadline. April 1 used to be the usual date for FTP, there is still six months of the fiscal. If all of you come with quick ideas, we may not even wait for six months, we can finalise Foreign Trade policy faster, the indsutrial policy is waiting for some inputs from states and industry and we are still talking to the finance ministry to see how it can be made more exciting to attract global players to come to India to set up business here”, he said at the Board of Trade meeting here.
Foreign trade policy provides guidelines and incentives for increasing exports for the next five financial years 2020-25. The Ministry is giving final touches to the new policy as the validity for the old one will end on March 31, 2020.
Officials said the new policy could be announced by October. The Ministry’s arm Directorate General of Foreign Trade (DGFT) is formulating the policy.