Foreign Trade Policy: More incentives for exports, focus on ease of trading

Revised Foreign Trade Policy calls for move away from subsidies

Commerce Minister Suresh Prabhu on Tuesday unveiled more incentives to boost labour-intensive and employment-oriented merchandise and services exports while releasing the much-awaited mid-term review of the Foreign Trade Policy 2015-20. The annual incentive increased by 33.8 per cent or Rs 8,450 crore. 

This financial year (FY18), it will be an additional incentive of Rs 2,816 crore.

This will benefit leather, handicraft, carpets, sports goods, agriculture, marine, electronic components, and project exports in merchandise, and legal, accounting, architecture, and education in services. Exporters demanded the incentives be extended to other products as well since they were facing challenging times because of demonetisation last