New trade policy on the cards to boost exports; likely to be announced this month

The new Foreign Trade Policy will come on 30 September and the policy has been designed with the next five year in view. The policy will lay down a road map of the ‘Amritkaal’. The policy will give a boost to Indian exports. Here are some top things to know about the policy.

-- The policy is likely to be announced on 30 September

-- It will have provisions related to One District One Product (ODOP)

-- Under the policy ecommerce and new export hubs will be created

-- The policy will provide incentives for competitive and qualitative export promotion

-- There will be a separate export promotion council that will be set up.

-- The Special Economic Zones or SEZs will be upgraded and modified to DESH - Development of Enterprise and Services Hub

-- the consultation work has been completed 

-- The new foreign trade policy could be announced before 30 September

-- The policy is coming after a gap of over 2 years

-- The government had extended the existing policy in the wake of the Coronavirus Pandemic.  

- The previous policy was to end by 2020

ODOP

-- The scheme for the first phase will be worth Rs 2200-2500 cr

-- The Ministry of Commerce and Industry has readied a road map for the implementation of ODOP

-- There will be an export hub in all districts

-- All districts have enough potential not found even in many nations

-- The

- The Commerce ministry has created an export promotion committee for each districts

-- A work on creating necessary infrastructure is ongoing

- A full list of exports has been created

The domestic business will benefit from the FTAs (Free Trade Arrangements)

-- This will give a huge boost to the exports

- There will be changes to benefit the MSMEs

-- The government has been making trade agreements with many countries

- Trade agreements with UK is expected to take place this monthUK के साथ इसी महीने

- FTA with Canada likely to be done by Diwali

Restructuring of Commerce department

-- The changes are being made to make India a developed economy

-- The people from the corporate world will be included

-- There will be experts from respective sectors for policy making