Economy / Foreign Trade / Foreign Trade Policy 2015-20..
Foreign Trade Policy 2015-20..
Objective:
The Foreign Trade Policy (FTP) 2015-20, along with its mid-term review in 2017, was implemented to enhance India's exports. It aligns with broader initiatives such as Make in India, Digital India, Skill India, Start-up India, and Ease of Doing Business.
Key Measures:
- Framework for Export Promotion:
- FTP 2015-20 provides a comprehensive framework to increase exports of goods and services, generate employment, and promote value addition in the country.
- Aligns with national initiatives to strengthen the Indian economy.
- Response to External Challenges:
- Aims to enable India to respond effectively to challenges in the rapidly evolving international trading architecture.
- Export Promotion Schemes:
- Introduces schemes and incentives to promote exports and provides duty remission/exemption on inputs for export production.
- New Schemes Introduced:
- Merchandise Exports from India Scheme (MEIS):
- Focuses on improving the export of specified goods by consolidating earlier schemes for better coherence.
- Services Exports from India Scheme (SEIS):
- Aims to boost the export of notified services.
- Niryat Bandhu Scheme:
- Galvanized and repositioned to align with Skill India and trade promotion objectives.
- Originally introduced in 2011 for first-generation entrepreneurs in international business enterprises.
- Involves mentorship by Niryat Bandhu officers for individuals entering foreign trade.
- Trade Facilitation and Ease of Doing Business:
- Emphasizes trade facilitation and measures to enhance the ease of doing business.
- Introduction of paperless work and ratification of the WTO Agreement on Trade Facilitation (TFA) in 2016.
- Trade Infrastructure for Export Scheme (TIES):
- Launched in 2017 to address export infrastructure gaps in the country.
- Aims to enhance and strengthen the infrastructure supporting export activities.
These measures collectively contribute to creating a conducive environment for exporters, fostering economic growth, and enhancing India's presence in the global trade arena. The policy reflects a commitment to aligning trade initiatives with broader national development goals.
