Sources have revealed that the government will announce the much-awaited new foreign trade policy on Friday, which has sought to support exporters, especially those in the MSME sector, amid a slowdown in global trade.
The policy may also come with goals for 2047, such as increasing India's share of global trade to 10 per cent and the share of exports to 25 per cent of GDP.
The new FTP was initially scheduled for 1 April 2020, but was postponed several times and the old policy was extended to deal with the uncertainties posed by the COVID-19 pandemic. The last extension of FTP (2015-20) is due to expire on 31 March 2023.
