DGFT Initiates Exercise for New 2014-2019 Foreign Trade Policy

ABS News Service

The Countdown for the 2014-2019 five year policy has begun in DGFT. The current 2009-2014 will officially sunset on 31 March 2014. It is one of the few policies to have survived for the full term of the UPA II Government under the Stewardship of ministers Kamal Nath and Anand Sharma.

The new FTP will be kept in ready form so that the new Government gives it the necessary shape based on its priorities after the elections in May 2014.

DGFT Anup Pujari is issuing a set of Public Notices to extend the 2009-2014 policy beyond its expiry date of 31 March 2014. The pronouncements will be issued within February so that there is no uncertainty in the mind of trade as to the fate of the schemes and incentives.

In the meanwhile, the Budget 2014 in expected to maintain status quo with regard to taxes. Sources told the ABS News Service that there is no Finance Bill in the 17 February vote on account. It is a mere enabling provision to keep the expenditure going in the next financing year 2014-2015 till the new Government takes position and a regular Budget is announced. The Budget is expected in July this year. Foreign Trade Policy 2014-2019 should follow the Budget.

Tailpiece: The rumour is that the choice of the next DGFT is being left to the new Commerce Minister in the next Government. An Additional Secretary from Ministry of Commerce may hold charge as the night watchman. (DGFT Pujari is moving to Secretary position by the end of February or March).