Home Trade industry New foreign trade policy will be released by next fiscal year: Piyush Goyal

New foreign trade policy will be released by next fiscal year: Piyush Goyal

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NEW DELHI: Commerce Minister Piyush Goyal said on Thursday that the new foreign trade policy will be issued by the next financial year. It comes after the ministry postponed the release of the policy citing uncertainty in global trade.

The export promotion councils wanted the foreign trade policy to be aligned with the next fiscal year and they wanted more time to make presentations for the inclusion of certain aspects in the new policy for consideration by the government, the minister added. .

“With several industry bodies debating outlines and preparing for the next FTP which was due to launch on September 29th, all speculation and proposed courses of action will now be postponed for a further 6 months as the validity of FTP media is extended to March 31, 2023.

For the service sector which provided for some benefits instead of the SEIS program in the new FTP, the wait seems to continue,” said Abhishek Jain, Indirect Tax Partner, KPMG in India.

“Government wants to break down silos and work with Export Promotion Councils (EPCs) and all other stakeholders and play the role of a non-intrusive facilitator,” he reiterated, adding that the service sector he had set an export target of $350 billion, that he was on track to achieve it.

He also urged tEPCs to consider exploring new markets such as South America and Africa.

Speaking at an industry event organized by the Services Export Promotion Council (SEPC), Goyal reiterated that subsidies make the industry uncompetitive and that the government’s subsidy strategy is focused on the poor and needy.

He urged the UPCE to relentlessly pursue ambitious goals and said those goals would not be affected by small grants and incentives.

Citing the example of the LED lighting revolution in India, Goyal said the first step that ensured the success of the initiative was the removal of subsidies.

Goyal stressed that the government is responsive to the demands of all service sector stakeholders and in all FTA negotiations in India, it has focused on securing better market access for the sector. national services.

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