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Govt extends Foreign Trade Policy till March 31, 2023

Our Bureau, Mumbai
Friday, September 30, 2022, 16:10 Hrs  [IST]

The Union government has extended the existing Foreign Trade Policy (FTP) by six months till March 31, 2023 following feedback against releasing any long-term strategy in the wake of volatile global economic and geo-political situation, supply chain disruptions, currency depreciation.
 
The current policy was to expire on September 30. The Directorate General of Foreign Trade (DGFT) on September 29, 2022 issued a notification stating that the existing FTP 2015-20 which is valid up to September 30, 2022 is extended up to March 31, 2023.
 
Besides FTP, the validity of existing Handbook of Procedures, 2015-20 is extended upto March 31, 2023, the directorate added.
 
The government has received requests from Export Promotion Councils and leading exporters that we should continue with the current Foreign Trade Policy (2015-20), which has been extended from time to time.
 
“In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geo-political situation, it would be advisable to extend the current policy for some time, and undertake more consultations before coming out with the new policy,” the commerce ministry said in a statement.
 
The government has always involved all stakeholders in formulating policy. In view of this, it has been decided to extend the Foreign Trade Policy 2015-20, valid till September 30, 2022 for a further period of six months, w.e.f. October 1, 2022, it stated.
 
FTP aims to grow the Indian export of goods and services, generating employment and increasing value addition in the country.
 
It was first extended on March 31, 2020 for one year due to the coronavirus outbreak and the lockdown.

 

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