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What India’s new Foreign Trade Policy can and needs to do
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What India’s new Foreign Trade Policy can and needs to doBy Pushkar Mukewar, ET CONTRIBUTORS
Last Updated: Feb 06, 2021, 10:12 AM IST
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Synopsis
The new Foreign Trade Policy will need to be beefed up to help exporters combat the double whammy of Covid-19 and protectionism.
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India, now more than ever, needs a robust Foreign Trade Policy (FTP) that can tackle the new normal while nations struggle to deal with a covid-19 pandemic and economic downturn.
This is probably one of the most troubled times for exporters almost anywhere in the world. Whether because of political considerations or because of pandemic-induced lockdowns, more and more nations seem to have withdrawn into protectionist shells. India, now more than ever, needs a robust Foreign Trade Policy (FTP) that can tackle the new normal while nations struggle to deal with a covid-19 pandemic and economic downturn.
Gems and jewellery exporters body asks government for jewellery repair policy in next FTP
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Last Updated: Jan 31, 2021, 11:17 AM IST
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Gems and Jewellery Export Promotion Council (GJEPC) Chairman Colin Shah said that they have suggested the commerce ministry that a jewellery repair policy is required as India has all the infrastructure to become a hub of the world in repair and restoration of old and damaged jewellery.
NEW DELHI: Gems and jewellery exporters body GJEPC has asked the government to formulate a friendly jewellery repair policy in the next foreign trade policy, stressing that India can emerge as a global restoration hub of old and damaged jewellery items. The commerce ministry is holding stakeholder consultations for the formulation the next foreign trade policy (FTP) for five years (2020-25). It is expected to be rolled out in April.
Manufacturing under Customs Bonded Warehouse – Opening up new possibilities
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Last Updated: Jan 31, 2021, 10:02 AM IST
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The manufacturing industry expects that the government, through the Budget, would bring in incentives or new schemes to infuse fresh life and to also, promote foreign investment in this sector which will assist in generating employment.
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Under the CBWs scheme, a manufacturer is allowed to import duty-free inputs/capital goods for undertaking manufacturing in CBWs.
Union Finance Minister Nirmala Sitharaman would be presenting the Union Budget on 01 February 2021, one of the most critical Budgets in recent times as it would define India’s path to economic recovery. The Indian economy has been severely impacted by the COVID-19 outbreak which has resulted in growing unemployment, led to a sharp fall in the GDP and also lowered industrial output and profits, jeopardising growth prospects, crimping new foreign investment in ma