India has no plan to extend current foreign trade policy, work on over new one: minister

• Shubham
• 27 July, 2022

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By: Shubham Ghosh

INDIA’s Narendra Modi government has no plan to extend the current Foreign Trade Policy, the junior commerce minister of the country has suggested while responding to the parliament during its ongoing monsoon session.

Anupriya Patel, the minister of state for commerce and industry, said in a written response to a lawmaker’s query in the Lok Sabha or Lower House of the Parliament, “At present, preparation of new Foreign Trade Policy is ongoing.”

India’s Foreign Trade Policy 2015-20, which was announced for five years, has been extended more than once due to the impact of Covid-19 pandemic and uncertainties in the global supply chain in the wake of the Ukraine crisis.

India’s Foreign Trade Policy 2015-20, which was announced for a period of five years, has been extended several times due to the impact of Covid-19 and global supply chain uncertainties in the wake of conflict between Russia and Ukraine. The trade policy is currently in effect till the end of September.

The trade policy enjoys a broad consensus within the government and takes into account global demand and the needs of Indian industry. It also ensures that government initiatives in matters pertaining to trade stay in sync with overall goals.