CURRENT AFFAIRS

Detailed explanation-1: -Synopsis. The policy provides guidelines related to imports and exports in India. The ministry announces the policy every five years. The commerce ministry will extend the existing foreign trade policy (FTP) (2015-20) by another six months till March 2023, additional secretary Amit Yadav said on Monday.

Detailed explanation-2: -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-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 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-5: -The FTP was deferred and the current policy was extended and reviewed after every six months, as businesses grappled with the disruptions caused by the pandemic. Thereafter, the government was supposed to roll out the policy in March 2022. However, another extension was given till September 30, 2022.