CURRENT AFFAIRS

Detailed explanation-1: -2021–2026: New Foreign Trade Policy The session was conducted on 12 January 2021 on the topic “New Foreign Trade Strategy for the year 2021-26.” According to the committee, the main purpose of the policy would be to position India as a leader in global trade within the next five years.

Detailed explanation-2: -The government has always involved all stakeholders in formulating policy, it said. “In view of this, it has been decided to extend the Foreign Trade Policy 2015-20, valid till Sept 30, 2022 for a further period of six months, w.e.f. October 1st, 2022, ” it added.

Detailed explanation-3: -The Foreign Trade Policy (FTP) 2015-20 was unveiled by Ms Nirmala Sitharaman, Minister of State for Commerce & Industry (Independent Charge), Government of India on April 1, 2015.

Detailed explanation-4: -The new five year Foreign Trade Policy, 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of our Hon’ble Prime Minister.