A Power Supply Snap

After much dilly-dallying, the government was all set to announce the new foreign trade policy (FTP) 2021-26 on October 1. However, all hopes were soon shattered once the policy tank yet again delayed the roll out of the FTP to March 2022. Officials said the move would give them more time to fine-tune the premier export incentive scheme RoDTEP and help them reach a consensus on an array of trade policy issues. We hope the government sticks to the timeline and addresses some key concerns to help India achieve its export objectives.

Moreover, with China recently suffering from an electricity crunch, economies fear that production in the economic powerhouse may slow down or come to a stop altogether, that too ahead of the most significant trade period-- the holiday shipping season. Experts believe this might favor India, who is already trying to position itself as a manufacturing and export hub. Besides this, MSME minister Narayan Rane launched a portal earlier this week in a bid to further enable exports by small businesses globally. We hope the platform proves to be beneficial for the MSMEs and helps them compete on an international level.

Explained | Why has the government again extended its foreign trade policy?

The FTP is a set of guidelines established by the Directorate General of Foreign Trade (DGFT) governing matters related to the import and export of goods by India. It is the government's seminal document on trade matters that is expected to guide economic relations with other nations and help develop domestic industry.

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