BoT advises the government on policy measures related to the foreign trade policy in order to boost the country's trade
Since 2011-12, India's exports have been hovering at around $300 billion
Currently, India's actual trade in South Asia accounts for $19.1 billion which is just three per cent of its total global trade at $637.4 billion and around $43 billion below the potential
India has to meet several challenges, at the structural and policy level, to boost exports
In the past few months, the Trump administration in America States has raised tariffs on many goods
The ministry has recently released the mid-term review of the current foreign trade policy
The FTP, a notification with statutory force, is simultaneously issued, with a Handbook of Procedures
The govt hopes lower duty in most items will make exports more competitive
National trade facilitation panel will be set up that will cover simplification of procedures, infra, and risk-based assessment
Export figures for October 2017 had suggested that the GST imbroglio was finally affecting the performance of several sectors
Industry players laud the mid-term review of foreign trade policy
Foreign trade policy addresses many concerns of exporters
The focus of the FTP, Suresh Prabhu, will be on exploring new markets and products as well as increasing India's share in traditional markets and products.
To allow duty-free imports for export on self-certification, the validity for duty credit scrips raised to 24 months
The FTP review, to be unveiled later today, may accord special priority to improving logistics for trade
The government is due to come up with the mid-term review of the foreign trade policy (FTP) on Tuesday
Mid-term review may miss Sept target too, as tax regime throws exporters off balance
The commerce ministry had earlier pressed the GST Council to keep exports out of the framework