‘Await pragmatic foreign trade policy on April 18’.

​The government will unveil a ‘pragmatic’ Foreign Trade Policy (FTP) on April 18, said Union Minister of Commerce, Industry and Textiles Anand Sharma here on Wednesday. The annual supplement to FTP is likely to provide sops to exporters in order to boost exports and bridge the widening current account deficit (CAD). The trade deficit touched a record high of 6.7% for the December quarter of 2012-13.

“We have taken a number of measures and we are seriously looking at more measures...And a forward looking, pragmatic, annual supplement (to the) foreign trade policy will be announced on April 18,” Sharma said while addressing the CII annual event.

In December last year the government had announced sops for exporters such as extension of 2 per cent interest subsidy for an additional year ending March, 2014. Exporters have their eyes set on FTP and are hoping for various sops such as benefits under ‘Focus product, focus market’ scheme and benefits for Special Economic Zones (SEZs) that contribute about 30% to total Indian exports.

“I have had very detailed discussions with Finance Minister P Chidambaram, as he had announced in the Budget speech about FTP and exports-related matters and support to the industry, and the two ministries are in talks,” Sharma said.

India’s exports failed to touch the 2011-12 level of $306 billion in the last financial year. The trade gap is likely to cross $190 billion in 2012-13, Sharma said, adding “It will be between $192-196 billion.”


Source : newindianexpress.com