India’s new Foreign Trade Policy expected to come into effect from April 1

Still under formulation, India's new Foreign Trade Policy is expected to come into effect from April 1, 2021 for a duration of five years and will strive to make the country a leader in international trade. This information was shared with Members of Parliament during a briefing about the Foreign Trade Policy (FTP).

The Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting on Tuesday on the subject 'New Foreign Trade Policy 2021-26'. It was chaired by Minister of State for Commerce and Industry Hardeep Singh Puri and attended by Members of Parliament (MPs) and senior officers of the ministry.

"It was informed that the District Export Hubs initiative will form an important component of the new FTP," the commerce ministry said in a statement.

The committee members were also informed that the Department of Commerce through the Regional Authorities of Directorate General of Foreign Trade (DGFT) has engaged with state/Union Territory governments to take forward this initiative in the districts and enable its implementation in a phased manner.

This has to be done through systematically addressing domestic and overseas constraints related to the policy, regulatory and operational framework for lowering transactions costs and enhancing ease of doing business, and creating a low-cost operating environment through efficient logistical and utilities infrastructure, the ministry said.