The Union Commerce Ministry announces the integrated Foreign Trade Policy (FTP) every five years. The policy aims at developing export potential, improving export performance, boosting foreign trade and earning valuable foreign exchange. Also known as Exim (Export-Import) Policy, it is updated every year and several modifications and new schemes come into effect from April 1 of every year.
India needs to focus on exports to become a major player in world trade. The FTP takes into account measures to generate more exports and facilitate imports, which are vital for the economic development. India's FTP seeks to enhance its global trade, offer incentives to exporters, expand markets to diversify trade, and create more returns and employment. FTP assumes great significance this year as India's exports have been battered by the global recession. A fall in exports has led to the closure of several small- and medium-scale export-oriented units, resulting in large-scale unemployment.
Here's a quick look at what the crisis-hit exporters want from the new FTP, what the government might do and how this could help give a fillip to India's exports...Image: A technician fits a steering wheel on a 12-horsepower mini-tractor inside a manufacturing unit of P.M. Diesels in Rajkot.
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