The Ministry of Commerce and Industry is expected to announce the new five-year foreign trade policy (2014-19) by the end of this month as it seeks to boost manufacturing and exports, among other things.
The Director General of Foreign Trade is giving final touches to the policy.
The new policy would focus on wide range of issues including services exports, standards and branding of products.
India’s exports in the last three years have been floating 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 imports-related activities are governed by the Foreign Trade Policy. It mainly aims at enhancing the country’s exports and use trade expansion as an effective instrument of economic growth and employment generation.
Also further that, Federation of Indian Export Organisations has suggested to focus more on export of services and hi-tech products in the new policy.