New Foreign Trade Policy to be out on Wednesday

New Delhi, March 29: India will on Wednesday announce its new Foreign Trade Policy (FTP), which will chart out ways to increase and enhance exports, specifically in the services sector. “Foreign Trade Policy 2015-20 to be unveiled on April 1, 2015,” Commerce and Industry Minister Nirmala Sitharaman tweeted. The foreign trade policy, which is usually announced in April, provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment. The government gives fiscal incentives to exporters under different promotion schemes like the Market Access Initiative, Marketing Development Assistance, Vishesh Krishi and Gram Udyog Yoja and the Focus Market Scheme. Declining for the straight third month, India’s exports fell by over 15 percent to $21.54 billion in February, even as trade deficit rrowed to $6.85 billion on the back of declining intertiol crude oil prices.  (IANS)