The NDA government will unveil its first Foreign Trade Policy, FTP today to enhance the country's exports and use trade expansion as an effective instrument of economic growth and employment generation. The policy will also focus on to promoting service exports and giving fillip to the manufacturing sector as part of the government's Make in India' campaign. Apart from services, high technology goods and project exports are expected to get a major push in the new Policy. The policy comes at a time when export growth contracted 15 percent in February, reporting a negative growth for the third consecutive month. According to the officials, the policy may also focus on the current schemes which are not in compliance with the WTO norms. Earlier the WTO had revised the global trade growth for 2015 to 4 percent from 5.3 percent. The government had allocated 5,092 crore rupees as a budgetary support for the commerce ministry for the 2016. Out of that 4,135 crore rupees is earmarked for foreign trade and export promotion.
News On AIR | April 1, 2015 12:57 PM
NDA govt to unveil its first Foreign Trade Policy