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Govt revamping foreign trade policy: Piyush Goyal

The upcoming foreign trade policy (FTP) could encompass strengthening India’s domestic manufacturing, making India self-reliant in many products and a separate chapter on e-commerce. These issues cropped up in a meeting that Commerce and Industry Minister Shri Piyush Goyal had on Monday with industry chambers and exporters of around 10 sectors ahead of the validity of the existing policy ending on March 31. The issues of tourism and hospitality industry getting the infrastructure status, and making India an attractive destination for higher education, were also raised during the discussion. The attendees included spokespersons from textiles, clothing, chemicals, pharma, electronics, capital goods and engineering, agro-food processing industry, leather, and services including higher education, e-commerce, tourism including medical tourism, and media & entertainment segments.

Albeit the government plans to roll out a full-fledged FTP for 2020-25, exporters have said the policy could be delayed and the existing policy may continue for another year.