FTP Pushed Back by Two Weeks to Third Week of April as Ministries of Commerce and Finance Talk

Finance Minister in his Budget Speech had assured that full support will be provided for exports in the backdrop of growing current account deficit. In this context, the Commerce Minister has held a series of consultations with FICCI, CII, Export Promotion Councils and FIEO and a meeting of the Board of Trade was convened on 22nd March 2013. Thereafter, detailed consultations have been held between Commerce Ministry and Finance Ministry on drawing the contours of a package to be announced as part of the Foreign Trade Policy.

The Commerce Minister and Finance Minister have discussed the matter at length on 23rd March 2013 with all key officials of both Ministries and have held a second round of discussions in Durban on the margins of the BRICS Summit. The discussions between the two Departments have been extremely constructive and are now in final stages.

It is expected that the Annual Supplement to the Foreign Trade Policy would be announced by the 3rd week of April and address both the immediate and medium term concerns of exports and to give a fillip to India’s exports.

[Source: PIB (MoC&I) Press Release dated 2^nd April 2013]