Government to unveil new Foreign Trade Policy on April 1

NEW DELHI: The government will unveil the new Foreign Trade Policy (FTP) on April 1, aimed at giving fillip to exports with an objective to drive economic growth and create more employment opportunities.

"Foreign Trade Policy 2015-20 to be unveiled on April 1, 2015," Commerce and Industry Minister Nirmala Sitharaman said in a tweet.

The FTP will be aligned with Make In India, Digital India, ease of doing business and India's free trade pacts with its partner countries.

The much-delayed FTP may include sops for labour incentive sectors like leather and handicraft. It is likely to mention ways to enhance the country's services exports.

The foreign trade policy, which is usually announced in April, provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment.

Under the policy, the government gives fiscal incentives to exporters under different promotion schemes such as Market Access Initiative, Marketing Development Assistance, Vishesh Krishi and Gram Udyog Yojana, Focus Market Scheme, Focus Product Scheme and Market Linked Focus Products Scrip.

Falling for the straight third month, India's exports declined steeply by over 15 per cent to $21.54 billion in February, even as trade deficit narrowed to $6.85 billion.