Centre extended foreign trade policy till Sept 30

Sakshi Education

The Foreign Trade Policy 2015-20 has been extended by six months, until September 30, 2022. The present Foreign Trade Policy 2015-20, which is effective through March 31, 2022, has been extended until September 30, 2022, according to a notification from the Directorate General of Foreign Trade. Following the Covid-19 outbreak, the policy was first extended for a year, until the end of March 2020, and subsequently for another year, until September 30.
The strategy lays out recommendations for boosting exports to boost economic growth and create jobs, as well as incentives under various programmes like Duty-Free Import Authorisation (DFIA) and Export Promotion Capital Goods (EPCG) .
Tea, steel, chemical, and pharmaceutical exporters to Russia are pleading with the government and the Reserve Bank of India (RBI) to intervene, as millions of rupees are at stake.
According to industry sources, tea, steel, chemical, and pharmaceutical exporters to Russia are seeking government and Reserve Bank of India (RBI) intervention because millions of dollars in payments are stuck due to sanctions imposed by the West, which have isolated Russian banks from the global financial system.
According to them, the interruption in Indian companies’ cash flows might cause them to delay payments to workers and suppliers, as well as skip payments to lenders.
As part of the restrictions, Russian firms have been barred from using the global Society for Worldwide Interbank Financial Telecommunication, or SWIFT, platform.