Zee Media Bureau
New Delhi: The Commerce and Industry Ministry is likely to unveil “ very soon” the new five-year Foreign Trade Policy (2014-19).
The new policy will be different from earlier policies, Commerce Mininster Nirmala Sitharaman said on Wednesday.
India’s exports in the last three years have been hovering around USD 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, mainly aimed 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 USD 14 billion.
During April-June period of the current fiscal, exports grew 9.31 percent to USD 80.11 billion.
India’s exports in 2013-14 were worth USD 312.35 billion lower than the targeted USD 325 billion. The country’s exports stood at USD 300.4 billion in 2012-13 and USD 307 billion in 2011-12.
With agency inputs
