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Foreign trade: Going beyond a phrase

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

Topics
Foreign trade policy | India trade policy | India trade

Business Standard Editorial Comment  |  Mumbai 



India’s 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 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 in the country has clearly changed since 2015, but there is no clarity about the new direction for policy.

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First Published: Wed, September 28 2022. 22:05 IST

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