New Delhi: The Foreign Trade Policy (FTP) to be unveiled later this month is likely to contain measures aimed at helping the exporting sector, especially the labour- intensive segments, which has seen a sharp business contraction since October 2008.
Commerce and industry minister Anand Sharma, who chaired the advisory board of trade (BoT) meeting here, said, “We hope that after consultations with the finance minister Pranab Mukherjee, we will be able to give more encouragement, possibly in the new FTP”.
Ficci president Harsh Pati Singhania, CII president Venu Srinivasan, FIEO president A Sakthivel and heads of different export promotion councils attended the BoT meeting giving inputs to the government on the difficulties faced by them in the recession-hit markets of the developed world.
Sharma said the government had received the industry specific suggestions. “Steps have been taken; steps will be taken and those will get clearly reflected in the new FTP,” he said, adding the commerce ministry would respond to the immediate challenges.
“We are working on a long-term vision to be reflected in the FTP,” he said.
The policy is likely to address the needs of the labour-oriented exporting sectors, the minister indicated.
While exports are on downslide since October 2008, the dip is about 30% in the first quarter of 2009-10.
Sharma said the BoT would now meet twice a year. The board, the advisory body comprising industry and government officials, did not meet in the last over two years.