Syllabus section: Economy
Why in News?
Union Ministry of Commerce and Industry said that India''s new Foreign Trade Policy 2021-2026, under formulation, will come into effect from April 1, 2021.
About New foreign Trade Policy:
• District Export Hubs Initiative will form an important component of the new FTP.
• It will strive to make India a leader in the area of international trade and channelize the synergies gained through merchandise and services exports for growth and employment with a goal to make India a USD 5 Trillion economy.
• It would be boosting exports, both merchandise and services.
• It will bring improvements in the operations of domestic manufacturing and services sector through infrastructure support.
• The policy will bring changes to regulatory and operational framework and lower transactional costs.
How it can be implemented?
This has to be done through systematically addressing domestic and overseas constraints related to the policy, regulatory and operational framework for lowering transaction costs and enhancing the ease of doing business, and creating a low-cost operating environment through efficient logistical and utility infrastructure.
Source: Business Standard