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National Foreign Trade Policy 2009-2014
Let’s learn more about National Foreign Trade Policy 2009-2014. The Government of India, Ministry of Commerce and Industry announced New Foreign Trade Policy on 27th August 2009 for the period 2009-2014, earlier this policy known as Export Import (Exim) Policy. After five years foreign trade policy needs amendments in general, aims at developing export potential, improving export performance, encouraging foreign trade and creating favorable balance of payments position. The Export Import Policy (EXIM Policy) or Foreign Trade Policy is updated every year on the 31st of March and the modifications, improvements and new schemes becomes effective from April month of each year.
Aiming to reverse contraction in exports for 10 consecutive months, the new FTP has several measures to ensure a healthy growth of foreign trade. The measures comprise fiscal concessions as well as relaxations in procedure.
The export target of $ 200 billion for 2010-11 means a growth of 15 per cent over the next two years. The FTP also envisages an overall medium- term objective of 25 per cent annual growth thereafter.
According to the minister, the three elements which were expected to help achieve the targets are: improvement in export-related infrastructure, reduction in transaction costs, and provision of full refund of all indirect taxes and levies.
