Home / Economy / New Foreign Trade Policy to be released by next financial year: Piyush Goyal

NEW DELHI: Commerce minister Piyush Goyal on Thursday said the new foreign trade policy will be released by the next financial year. This comes after the ministry deferred the release of the policy citing uncertainty in the global trade.

Export promotion councils wanted the foreign trade policy to be aligned with the next financial year and they wanted more time to make presentations for inclusion of certain aspects in the new policy for consideration of the government, the minister added.

“With multiple industry bodies debating the contours, and gearing up for the upcoming FTP which was due to launch on 29 September, all speculations and proposed action plans will now be postponed for another 6 months, as the validity of the current FTP stands extended to 31 March 2023.

For the service industry which was anticipating some benefits in lieu of the SEIS Scheme in the new FTP, the wait seems to continue," Abhishek Jain, Partner Indirect Tax, KPMG in India said.

“The government wants to break silos and work with export promotion councils (EPCs) and all other stakeholders and play the role of a non-intrusive facilitator, he reiterated, adding that the services sector had set an export target of $350 billion, which it was on track to achieve.

He also urged tEPCs to consider exploring new markets such as South America and Africa.

Speaking at an industry event organised by the Services Export Promotion Council (SEPC), Goyal reiterated that subsidies make the industry uncompetitive and that the government’s strategy on subsidies was focused on the poor and the needy.

He urged SEPC to relentlessly pursue ambitious targets, and said that these targets not get affected by small subsidies and incentives.

Citing the example of India’s LED lighting revolution, Goyal said that the foremost step that ensured the success of the initiative was removal of subsidies.

Goyal stressed that the government was responsive to the requests of all stakeholders in the services sector and in all of India’s FTA negotiations, it has been focusing on getting greater market access for the domestic services sector.

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