GoI extends Foreign Trade Policy
On April 1, 2020, the Government of India notified that the export schemes such as Export Promotion Capital Goods and Duty-Free Import authorization are to be extended by one year. Also, GoI has planned to extend Foreign Trade Policy 2015-20 by another one year till 2021.
Objective of the policy
The policy aims at making India a bigger player in Global level. It targets to bring in overseas sales of 900 billion USD by 2020. This is to be achieved with Digital India Programme and Make in India programme.
The policy also aimed to diversify export baskets of the country. It also aimed to provide regular appraisal mechanism to reduce trade imbalances. The policy launched five different schemes. They include Focus Product Scheme, Focus Market Scheme, Market-linked Focus Product Scheme and Agriculture infrastructure incentive scrip. Also, Gram Udyog Yojana and Vishesh Krishi were merged with single merchandise exports, the MEIS scheme.
Between April 2019 and February 2020, the imports of India were 436 billion USD and exports were 292 billion USD.
Category: Government Schemes Current Affairs