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Extension of Foreign Trade Policy 2015-20
October 2 , 2022
687 days
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- The current Foreign Trade Policy has been extended by six months due to currency volatility and global uncertainty.
- Currently, there are fears of recession in major economies like the United State and Europe.
- This has resulted in the rapid withdrawal of investments and foreign funds outflow in India.
- Geopolitical crisis caused by the Ukraine war, inflation and monetary policy tightening are weakening the rupee against the US dollar.
- Currently the USD is at a 22-year high and the Indian Rupee has hit an all-time low of 81.6 against the dollar.
- Hence, the current geo-political situation is not favourable for the adoption of long-term foreign policy FTP 2022-27.
- The Foreign Trade Policy 2015-20 provides the framework for increasing exports of goods and services and focuses on improving ease of doing business in India.
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