Dept of Commerce to hold mid-term review meet for FTP 2015-20 on May 6 in New Delhi

New Delhi, May 4 (KNN) The Department of Commerce is organizing a mid-term review of the Foreign Trade Policy 2015-2020 in the national capital on May 6, 2017.

Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce and Industry, Govt. of India will be present at the review meeting.

The Government is doing a mid-term review of FTP of India. For this, DGFT has sought suggestions from stakeholders.

The DGFT AK Bhalla, recently during a FIEO event, had said that the Commerce Ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST).

He also said that the ministry is currently undertaking the stakeholders' consultation for the mid-term review of FTP.

"We have (to) re-write some of the schemes," he added.

The GST will subsume excise, service tax and other local levies.

Earlier this year, Commerce and Industry Nirmala Sitharaman had said that the Foreign Trade Policy (FTP) is in the mid-term review in consultation with all stakeholders to find out if any support is needed for certain sectors to further enhance exports.

“When it (FTP) was announced in 2015, we had said we will go in for a mid-term review so that if there is any tweaking that has to be done, it will be done," she had said at the Vibrant Gujarat summit in Gandhinagar in January this year. (KNN Bureau)