Nirmala Sitharaman, the minister of State for Ministry of Commerce & Industry, has unveiled Foreign Trade Policy (FTP) 2015-2020. The new five year FTP 2015-20 provides a framework for
- Increasing exports of goods and services
- Generation of employment
- Increasing value addition in the country. Nirmala Sitharaman, the minister of State for Ministry of Commerce & Industry, has unveiled Foreign Trade Policy (FTP) 2015-2020
The focus of the new policy is to support both the manufacturing and services sectors. A special importance has been given to ease of doing business in India.
Tidbits
- In the FTP2015-20, two new schemes have been introduced. They are
- Merchandise Exports From India Scheme (MEIS) – For export of specified goods to specified markets
- Services Exports From India Scheme (SEIS) – For increasing exports of notified services.
- Duty credit scrips issued under these two schemes and the goods imported against these scrips are fully transferable.
- E-Commerce exports of handloom products, books/periodicals, leather footwear, toys and fashion garments through courier or foreign post office would also be able to get benefit of MEIS.
- Major objectives of new FTP is to move towards paperless working in 24×7 Environment.
- A system called Approved Exporter System is introduced and this will help the manufacturer exporters in getting fast access to international markets.
- A fast track clearance facility have been introduced for encouraging manufacturing and exports.
