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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
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