New foreign trade policy under consultation: Govt
New Delhi, Dec 10 (PTI) A new foreign trade policy (FTP) is under consultation and finalisation, government said today.
The policy deals with export and import related activities of the country. Government also announces incentives in the policy to boost exports.
“The new FTP is under consultation and finalisation,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
The reply assumes significance as exporters are raising concerns over the delay in announcement of the FTP. Eight months of the current fiscal are already over.
Growth rate of India’s exports entered the negative zone after a gap of six months, declining 5.04 per cent in October due to a dip in shipments from major sectors such as engineering, pharma and gems and jewellery.
Replying to a separate question on trade deficit, she said that one of the important markets for Indian exports – Euro Zone – is presently facing problems of stagnation and deflation.
She also said that despite forecast of slowing down of exports globally, “India’s exports in most of the segments of MSME sector have not come down during 2014-15. Therefore, it would not be proper to conclude that stopping of interest subsidy to exporters has affected the MSME exports”.
Replying to a separate question on special economic zones, the minister said exports from these zones stood at Rs 2.34 lakh crore in April-September this fiscal.
“The total investment in SEZ till September 30 is Rs 3,80,284 crore. The contribution of SEZ exports in the total exports of the country is 23.71 per cent,” she said adding till now 196 SEZs are exporting.
Out of total notified area of 46,085.55 hectares in respect of 370 notified zones, 18,299.29 hectares are lying vacant in processing area.