Page 4 - Foreign Trade Policy

Govt decides to extend existing Foreign Trade Policy by another six months

The government has decided to postpone the release of the new Foreign Trade Policy (FTP) and extend the existing one by six months on account of global uncertainties and currency fluctuations. The government was scheduled to announce the new FTP by the end of September. The current policy was to end on September 30. Additional Secretary in the Department of Commerce, Amit Yadav, said there were demands from different quarters, including industry associations and export promotion councils, to extend the policy and not introduce the new one at this time. They have stated that currently there are challenges like global uncertainties and currency fluctuations. There was also a view to align the rollout of the new policy with the new financial year. A notification in this regard will be issued by the Directorate General of Foreign Trade (DGFT). "We will have to defer the release of the new policy. The existing policy will be continued," Yadav told reporters here on Monday. He added

Govt permits invoicing, payment and settlement of trade in rupee

The commerce ministry on Friday allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP. DGFT is an arm of the ministry which deals with export and import related matters. "Para 2.52 (d) is notified to permit invoicing, payment and settlement of exports and imports in INR (Indian rupee) in sync with RBI's ...circular dated July 11, 2022. This shall come into force with immediate effect," DGFT said in a notification. Accordingly, it said, settlement of trade transactions in INR may also take place through special

Centre considering 100% WFH across all SEZ units, says Piyush Goyal

The move is expected to create employment opportunities in small cities and increase the export of services

India-US Trade Policy Forum meeting expected soon, says Piyush Goyal

Asserts Indian exports not impacted by GSP, says India looking to have very contemporary and modern digital laws, while maintaining high levels of data privacy

Top Headlines: Queen Elizabeth II dies, Reliance Jio's 5G plans, and more

Business Standard brings you the top headlines at this hour

New foreign trade policy may focus on non-fiscal measures to boost exports

The policy could throw light on how India may want to be integrated into the global value chain, for which realignment has started, and factors that have affected the integration

Commerce department recast to bring more focus on trade policy making

The DGFT has been already working on the much-delayed foreign trade policy, which is now expected to be released by the end of September

Top Headlines: AEL set to enter Nifty 50, Jio explores 5G use cases, & more

Adani Enterprises (AEL) is pegged to replace Kolkata-based Shree Cement in the Nifty 50 index, a gauge for the performance of India's capital market

Govt plans short-term foreign trade policy, may release before September

The new policy is much-awaited, following the extension of the existing policy for more than two years

KKR India advisor, TCS CEO among 29 members inducted in Board of Trade

The Board, chaired by commerce and industry minister Piyush Goyal, advises the government on policy measures to improve the country's foreign trade

Top Headlines: LIC's embedded value remains flat, FTP amendments, and more

LIC's Indian embedded value (IEV) grew marginally to Rs 5.41 trillion as of March 2022 compared with Rs 5.39 trillion as of September 2021

Settling trade in rupee: FTP tweaks may allow traders export benefits

It is not clear if the changes will be part of the existing FTP or the new policy that the DGFT hopes to unveil in Sept

Explained: INSTC, the transport route that has Russia and India's backing

INSTC is a 7,200 km-long transportation network offering the shortest connectivity route to its member states. It was established on September 12, 2000, by Iran, Russia and India

The state-level political dynamics behind the windfall tax on fuel exports

Gujarat has the highest percentage of private oil pumps at 24%, followed by Rajasthan at 14.5%; the former will elect a new legislative assembly by this December, the latter, a year later

Commerce ministry looking to release new FTP before September: Official

Under the scheme, the aim is to initially focus on 50 districts which have products that are scalable and hold huge export potential

Plenty of gaps in food inflation control measures, complain industry bodies

They say some measures have spawned malpractices on the part of exporters, others have been partial to a certain section of traders

Free trade agreement to facilitate duty-free exports to UAE kicks off

The India-UAE CEPA will benefit almost 90 per cent of India's exports in terms of value

India and EU comprehensive free trade deal to be finalised by 2024

Negotiations are expected to kick start in June, after the World Trade Organisation's (WTO's) 12th ministerial meeting.

Australia hopes digital trade agreement with India by the year-end

The outbreak of the global pandemic has impacted Australia's investment in India to a degree consistent with trends elsewhere in Asia

India's trade pacts: A toss-up between strategic interests, economic gains

A free trade agreement (FTA) is due to be signed with Israel in June. By the end of 2022-23, at least one more FTA will possibly be entered into with the UK.