Foreign Trade Policy 2015-2020 Highlights

After a delay of one year the Modi Government today announced the New Foreign Trade Policy (FTP-2015-20) for five years. Following the policy of better late than never, the Commerce & Industry Minister Nirmala Sitharaman indeed came out with a completely new policy framework resting on the twin wheels of Make in India and Digital India. Doing away with the multiplicity of export promotion schemes the Minister today announced the merger of all past schemes into Merchandise Export from India (MEIS) and Service Export from India Scheme (SEIS). Apart from announcing greater focus on local procurement of goods and services and also higher value addition which would fetch higher duty rewards the Minister also announced the facility of paying all indirect taxes through duty credit scrips earned by the exporting community. Not to miss the dominant role of e-commerce the New FTP has provided incentives to certain types of exports generating employment in the country. TIOL TUBE brings you the statement of the Minister, the Commerce Secretary Rajeev Kher and reactions from former Chief Commissioner of Customs K R Bhargava and also FIEO Chairman S C Ralhan. Look for more detailed and in-depth analysis the fine prints of the policy early next week.