India Will Have to Wait Six More Months For New Foreign Trade Policy

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Citing uncertainties caused by Covid 19, the government of India has extended country’s foreign trade policy by six months

The Union Commerce Ministry of India has extended the country’s existing foreign trade policy till 30 September 2020. This extension of the policy, has been done keeping the uncertainties in consideration. The policy, under normal circumstances, was lapsing on 31 March 2021.

“In view of the unprecedented situation arising out of the pandemic novel Covid-19, which is persisting, the government has decided to continue benefits under various export promotion schemes by extending existing Foreign Trade Policy by another six months i.e. up to 30th September, 2021 which will provide continuity in the policy regime,” read an official statement by the ministry.

This is not the first time that the existing 2015-2020 foreign trade policy has been extended by the authorities of the country. The policy was also extended by a period of one year, last year, in the same month. The government had earlier noted 1st April 2021, as the date, when new foreign trade policy was scheduled to come into effect.

Similarly, the date for exemption from payment of integrated goods and services tax (IGST) and compensation cess on the imports made under advance authorisations and by export oriented units (EOUs), has also been extended up to 30 September 2020.

“Similarly, the validity period of the Status Holder Certificates is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits,” read an official statement.

India, during fiscal 2020, imported electronics worth Rs 3.7 trillion (Statista). The value of electronic products exported from India amounted to over 829 billion Indian rupees during the same fiscal.

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