Ever since the incumbent NDA Government took charge last year, significant steps have been taken to counter the economic slowdown and the prevailing poor investor sentiments. A philosophical thrust to the National agenda has been provided, which has translated in initiatives such as ‘Make in India’, ‘Swachh Bharat’ and progress in terms of the implementation of ‘GST’.
The trade and industry were most eagerly waiting for the announcement of the Foreign Trade Policy (“FTP”), which had lapsed on March 31, 2014. The Hon’ble Minister for Commerce and Industry has unveiled the Foreign Trade Policy for the period 2015 – 2020 on April 1, 2015.
The new FTP is aimed at maximizing the foreign trade from the country. By taking measures for import substitution, the forthcoming FTP focuses on increasing exports as per the ongoing scenario of increasing current account deficit. It also includes necessary measures to boost productivity and earn exportable surplus at competitive rates in exports.
Our experts at Mazars have put together the key highlights of the new policy. Click the image to download the publication. New foreign trade policy | Key Highlights