The Foreign Trade Policy (FTP) is a comprehensive framework that governs India’s import and export policies. The policy is reviewed every five years, and the current policy covers the period from 2015-2020. The main objective of the FTP is to boost exports, enhance India’s competitiveness in the global market, and promote foreign investment.
The FTP offers various incentives and schemes for exporters, including the Merchandise Export from India Scheme (MEIS), Service Exports from India Scheme (SEIS), and the Export Promotion Capital Goods (EPCG) scheme, among others. These schemes aim to encourage and promote exports by providing financial assistance and other benefits to exporters.
The FTP also focuses on the diversification of India’s export basket and enhancing the country’s share in the global market. To achieve this objective, the policy encourages exports of value-added products, high-tech products, and products with high growth potential. The policy also provides support for the development of infrastructure, technology upgradation, and skill development to enhance the competitiveness of Indian exporters.
The FTP also aims to promote foreign investment and encourage the establishment of export-oriented units in India. The policy provides various incentives and benefits to foreign investors, including tax exemptions, duty-free imports of capital goods, and simplified procedures for obtaining licenses and approvals.
The FTP also focuses on addressing the concerns of small and medium enterprises (SMEs) and promoting their participation in the export sector. The policy provides various schemes and benefits for SMEs, including the Market Access Initiative, the Focus Product Scheme, and the Vishesh Krishi Gram Udyog Yojana, among others. These schemes aim to promote the export of products from the SME sector and enhance their competitiveness in the global market.
In conclusion, the Foreign Trade Policy (FTP) is a critical framework that governs India’s import and export policies. The policy aims to boost exports, enhance India’s competitiveness in the global market, and promote foreign investment. The policy provides various incentives and schemes for exporters, focuses on the diversification of India’s export basket, and promotes foreign investment and the participation of SMEs in the export sector. The FTP is an essential tool for promoting India’s exports and enhancing the country’s position in the global market.