Exports of $185 billion till September 21, FTP increased till next March
“The export figures have reached $185 billion till September 21. These figures are very encouraging and I commend the exporting community for this,” Goyal said at an event organized by the Federation of India Export Organizations (FIEO). The export target for the current fiscal is $400 billion.
The minister also said that the current Foreign Trade Policy (FTP) is to be extended for another six months – up to March 31, 2022. The FTP is a comprehensive policy guideline and strategy to promote export of goods and services while removing domestic and global barriers. .
The present policy came into force on 1 April 2015 and was valid for five years. However, a new FTP was postponed and the existing policy was extended till March 31, 2021 as businesses grapple with the disruption caused by the pandemic.
Earlier this year, the policy was extended for the second time and this time till September 30, 2021.
The minister said, “We are notifying it this evening or tomorrow… we have decided to extend the policy till March 31 (2022)… and in the (new) financial year, we will start with the new policy.” Can do,” the minister said, adding that the government is hopeful that by that time the Covid-19 issues will be resolved.
Business Standard had reported on Monday that officials with knowledge of the matter said that the government wants to continue with the existing foreign trade policy (FTP) for the next six months and that new support or any incentive-based plan will be finalized by the government. It may take some more time to deliver. For exporters, that is important at a time when circumstances have changed since the outbreak of the pandemic.
The minister said the Directorate General of Foreign Trade (DGFT) will also discuss the issue of high prices by shipping companies with the concerned government department. “I have asked DGFT to talk to the shipping ministry so that we can have pre-determined rates like costumes.
Goyal also inaugurated a trade facilitation portal that was developed by FIEO to help exporters tide over the challenges due to acute shortage of containers. The portal will bring together exporters and Logistics Service Providers (LSPs) on a single platform.
FIEO President A Sakthivel said that over 1,800 exporters and over 300 service providers joined the portal during the soft launch.
“The portal provides a value proposition to all the stakeholders. Exporters can post the details of their container requirements directly to the service providers to provide them with their best quotes, thereby helping the exporters to negotiate, negotiate and finalize the business,” Sakthivel said.
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