New Delhi: The government will soon unveil the much-delayed Foreign Trade Policy (FTP) which is expected to roll out steps to boost exports.
"Yes, I am conscious that the FTP (2014-19) was due even as of April 1, last year. Hopefully, we will come out (with FTP) soon," Commerce and Industry Minister Nirmala Sitharaman told reporters here.
The minister said that the delay in announcement of FTP is not the reason for declining exports.
"I differ from this view. Even when the FTP was explicit and was there in place between 2009 and 2014 exports suffered," she said.
However, Sitharaman added that a policy in place helps in giving direction.
"A policy in place does help because you are able to identify sectors," she added.
Talking about the delay in unveiling of the policy, she said that the new five year FTP requires comprehensive deliberations on various sectors and exporting destinations.
"The new policy needs to be out of the box and it has to support India's exports in terms of looking at sectors and their capability and new and traditional markets of the world...
...So a comprehensive exercise of how to help exports, how better focus on areas which have great potential for India's exports have to be worked out in great details, she said.
The ministry has done an extensive job on it, she said.
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.
Exporters have already raised concerns over the delay in announcement of the FTP as the fiscal is nearing end.
Falling for the straight third month, India's exports declined steeply by over 15 per cent to USD 21.54 billion in February, even as trade deficit narrowed to USD 6.85 billion.
