Main Article Content
Abstract
Foreign policy of India (FTP) is operational for the next five years (2015-2020) with focus on increasing share in international market which is approximately 2 per cent of the total world trade. The target in the policy has been set to double the exports by 2020 to $900 billion. Present Government has started programmes such as make in India, Digital India and Skill India and the FTP has been designed to support these programmes. The main focus of the policy is to increase exports from India, making Indian products more competitive in International Market, increase foreign exchange earnings and reserves and to increase share in the international business by doubling the exports during the period of policy. Trade facilitation and enhancing the ease of doing business are the other major focus areas in this new FTP and to have paperless working in a 24x7 environment. Talking about the new policy, which aims at boosting India's exports, Commerce Minister Nirmala Sitharaman said that PM Narendra Modi's pet projects, 'Make in India' and 'Digital India' will be integrated with the new Foreign Trade Policy. Export obligations reduced by 25 per cent , agricultural and village industry products to be supported across the globe at rates of 3% and 5% under MEIS, industrial products to be supported in major markets at rates ranging from 2% to 3%, Served From India Scheme (SFIS) will be replaced with Service Export from India Scheme (SEIS), Branding campaigns planned to promote exports in sectors where India has traditional Strength, Duty credit scrips to be freely transferable and usable for payment of customs duty, excise duty and service tax, Manufacturers who are also status holders will be enabled to self-certify their manufactured goods as originating from India, Online procedure to upload digitally signed document by Chartered Accountant/Company Secretary/Cost Accountant to be developed.