The mid-term review of the Foreign Trade policy (FTP) is proposed to be rolled out before the implementation of the GST as suggested by the experts and panellists attending the review meeting, Commerce Minister Nirmala Sitharaman said earlier today.

This will help facilitate proper monitoring, for this the Commerce Ministry will have to compile it well in advance before July 1, the Minister added.

Sitharaman was addressing the media after a meeting with the experts and stakeholders on the FTP 2015 - 2020. The Minister also highlighted the key points around which the discussion took place.

There were talks on the need to strengthen the export SMEs, by helping them and promoting them. Taking models and examples from countries like Australia and Singapore, India should formulate appropriate policies along the line. Also there were discussions on ways to enhance the scope of rupee trade to help the domestic currency have a greater expansion.

The Minister informed that the meeting discussed issues surrounding cost of credit to the SMEs.

Also under the FTP, India is exploring the option of collaborating with African nations and other countries to encourage join ventures for which the Commerce Ministry may consider giving grants.

Talking about the predicted target of 600 Billion Dollars by the Ministry earlier, Nirmala informed that the panellists in the meeting and the experts were keen on meeting the target and there were no talks on reducing the figure.  

Sitharaman observed the enthusiasm as a positive indicator for the export situation in the country. (KNN/ DA)