Foreign trade policy to be extended by 6 months till Sep 30

The government will extend the existing foreign trade policy (2015-20) for six months till September 30 this year on account of coronavirus outbreak and the lockdown to contain the virus spread, an official said.

The official said that the existing schemes under the policy will be applicable till September this year.

Some more measures are expected to be provided to exporters, the official added.

Meanwhile, thecommerce ministry is already in consultation with all stakeholders for the preparation of the next policy (2020-25), as the validity of the current one ends on March 31, 2020.

The ministry's arm directorate general of foreign trade (DGFT) is formulating the policy.

At present, tax benefits are provided under merchandise export from India scheme (MEIS) for goods and services export from India scheme (SEIS).

Exports during April-February this fiscal dipped by 1.5 per cent to USD 292.91 billion.

Imports during the period declined by 7.30 per cent to USD 436 billion, leaving a trade deficit of USD 143.12 billion.