According to the most recent data compiled by the government, India has exported items worth $185 billion since the start of the fiscal year, the commerce and industry minister stated on Monday.
As of September 21, exports totaled $185 billion. At an event hosted by the Federation of India Export Organizations, Goyal remarked, “These numbers are really encouraging, and I commend the exporters community for this” (FIEO). The $400 billion export goal for the current fiscal year.
The current (FTP) is scheduled to be extended by an additional six months on March 31, 2022, the minister added. FTP is a complex policy directive and strategy that addresses both internal and international barriers while promoting the export of goods and services.
On April 1, 2015, the current policy went into effect and had a five-year lifespan. However, because to the disruption brought on by the epidemic, a new FTP was postponed and the current policy was prolonged until March 31, 2021.
The policy was again extended earlier this year, this time through September 30, 2021.
The policy will be extended until March 31, 2022, and we may begin using the new policy in the following fiscal year, the minister said, adding that the government is hopeful that the Covid-19 difficulties would be resolved by then.
The government wants to continue with the current (FTP) for another six months, according to officials with knowledge of the situation, and it may take some more time before the government finalizes a new support or any incentive-based scheme for exporters, which is crucial at a time when conditions have changed since the pandemic’s outbreak.
The minister continued by saying that the Directorate General of Foreign Trade (DGFT) would also talk to the relevant government department about the issue of shipping companies’ exorbitant rates. In order to establish predetermined rates like we do for costumes (tariff), he continued, I have asked DGFT to speak with the shipping ministry.
Goyal also launched a trade facilitation webpage created by FIEO to assist exporters in overcoming difficulties caused by a severe lack of containers. Exporters and logistics service providers (LSPs) would be able to interact on one platform thanks to the site.
Over 1,800 exporters and more than 300 service providers boarded the portal during the soft launch, according to A Sakthivel, President of FIEO.
To all stakeholders, the site presents a value proposition. Exporters can directly publish information of their container needs to service providers for their best quotations, allowing exporters to talk, negotiate, and close deals, according to Sakthivel.