Country's foreign trade policy (FTP) will be extended till March 31, 2022 for six months, Commerce Minister Piyush Goyal said on Monday.
The minister's comments came just days before the policy's previous extension ends on September 30, 2021.
The FTP for 2015-2020, which underlines the basic contours for boosting exports with the aim of enhancing economic growth, had earlier been extended till September 30, 2021 by the government because of the Coronavirus pandemic.
Speaking to reporters, Mr Goyal said that the decision is likely to be notified by September 28. He further added that after the existing FTP ends on March 31, 2022, a new policy would be initiated in the next financial year.
The minister was hopeful that by the time the latest extension of the FTP will come to an end, issues arising out of pandemic would have been largely resolved and consultations could begin for the new FTP.
"Since we have still not overcome the Covid issues, a lot of consultation which was expected to go in, is still continuing," he said during an event organised by the Federation of Indian Export Organisations (FIEO) in the national capital.
On March 31, 2020, the government had extended the Foreign Trade Policy 2015-20 for one year till March 31, 2021, due to the Coronavirus outbreak and the resultant lockdown. It was later further extended till September 30, 2021.
Under the FTP, the government provides incentives under different schemes such as Duty Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG).
India's exports were at $185 billion during the April-September 2021 period, Mr Goyal informed and expressed confidence that at this rate, the country will be able to achieve the $400 billion target earmarked for 2021-22.