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New foreign trade policy to boost exports from India

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The Indian government has said that a new Foreign Trade Policy will focus on ways to boost India’s exports, and reduce dependence on imports.

“India being part of WTO cannot only think in terms its export promotion without equally supporting import substitution.

“Therefore, the focus of the new policy would be to vigorously promote both exports and imports with significantly substantial focus on exports,” industry body PHDCCI said quoting the Additional Director General of Foreign Trade.

He said the policy (FTP 2014-19), to be announced by the new government after the general elections in May, will lay greater emphasis on engaging with the rest of the world, particularly in sectors such as pharma and engineering.

He said that old procedures and regulations governing exporters will be trimmed and pruned to suit the export requirements of the modern times so that the realistic targets are made achievable.