CURRENT AFFAIRS

Detailed explanation-1: -The government has always involved all stakeholders in formulating policy. 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.

Detailed explanation-2: -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-3: -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.

Detailed explanation-4: -Existing FTP and HBP became operational with effect from 01/04/2015 and were valid upto 31/03/2020, however, there has been 5 extensions in the validity thereof, i.e. upto 31/03/2021, 30/09/2021, 31/03/2022, 30/09/2022 and 31/03/2023, as the Govt.

Detailed explanation-5: -The Government has recently notified extension of the Foreign Trade Policy (FTP) 2015-2020 till March 31, 2022. The Foreign Trade Policy (FTP) 2015-2020 is a policy for the facilitation of foreign trade by reducing the cost and time of transaction and raising the competitive bar for Indian Exports.