The Ongoing extension of the Foreign Trade Policy of India expires on 30 September 2022. Accordingly, the new FTP was scheduled to be announced by the end of September.
However, the government has now decided to postpone the release of the new Foreign Trade Policy in view of uncertain global economic scenario and has decided to extend the Foreign Trade Policy 2015-20, for a further period of six months, w.e.f. October 1st 2022.
Shri Dhiraj R. Shah, chairman SRTEPC appreciated the initiative of the Government for taking the views of the industry and congratulated the move as the right step at right time for larger interest of the exporters.
The current global outlook is gloomy and uncertain. Under such concerned global situation, Government needs to relook at the provisions and initiatives made through the FTP. Therefore, extension of the announcement of New FTP is a right step, Shri Dhiraj R. Shah, chairman SRTEPC.
The government called a meeting with the EPCs and industry stakeholders on 26th and collected first-hand information from the industry in the matter.
I appreciate the ground level work done by the current Government under the leadership of Hon’ble Prime Minister Shri Narendra Modi ji and his team especially Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Textiles, Consumer Affairs, Food and Public Distribution and Smt. Darshana Vikram Jardosh, Hon’ble Minister of State for Textile and Railways. The government has always involved all stakeholders in formulating policy.
I urge the Government that under the prevailing challenging situation, the exporting fraternity needs hand holding and direction. I request the Government for continuation of the EPCG Scheme and extend the benefits of Interest Equalization Scheme to MMF yarns also,