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Foreign trade policy for 2014-19 likely to be announced by month-end

PTI 04 Aug 2014, 19:32:46 PM IST
PTI
New Delhi: The Commerce and Industry Ministry is expected to announce the new five-year foreign trade policy (20014-19) by the end of this month as it seeks to boost manufacturing and exports, among other things.
 
The Directorate General of Foreign Trade (DGFT) is giving final touches to the policy.
 
“It is expected that the new FTP would be announced by August-end,” an official source said.
 
The new policy would focus on a wide range of issues, including services exports, standards and branding of products.
 
India's exports in the last three years have been hovering around $300 billion and now there is a need to boost it further and enhance its contribution in the world trade.
 
All exports and import-related activities are governed by the FTP. It mainly aims at enhancing the country's exports and use trade expansion as an effective instrument of economic growth and employment generation.
 
The Federation of Indian Export Organisation (FIEO) has called for more focus on export of services and hi-tech products in the new policy.
 
Services sector contributes about 55 per cent to the country's gross domestic product. During May, services exports were about $14 billion.
 
During April-June period of the current fiscal, exports grew 9.31 per cent to $80.11 billion.
 
India's exports in 2013-14 were worth $312.35 billion lower than the targeted $325 billion. The country's exports stood at $300.4 billion in 2012-13 and $307 billion in 2011-12.