Foreign trade: Going beyond a phrase

India's trade policy needs to expand on what 'self-reliance' means

indian economy, exports, imports, trade deficit

Business Standard Editorial Comment Mumbai
India’s foreign trade policy was last updated in 2015. It was supposed to last for five years, until 2020. But, to an extent because of the complexities caused by the pandemic, it has been extended by six months at a time since then. The global economy has not yet emerged completely from the pandemic-related disruptions; and to those have been added the uncertainties due to inflationary pressures worldwide and the Russian invasion of Ukraine. Thus, the Union commerce ministry has postponed the release of a new foreign trade policy yet again. While it is understandable given the global situation, the fact is that a new comprehensive trade policy is overdue. This is because the broader attitude towards external trade links

First Published: Sep 28 2022 | 10:05 PM IST

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