On March 31, 2020, the federal government had prolonged the Overseas Commerce Coverage 2015-20 for one 12 months until March 31, 2021, amid the coronavirus outbreak and the lockdown.
“The prevailing Overseas Commerce Coverage 2015-20 which is legitimate as much as March 31, 2022 is prolonged as much as September 30, 2022,” the Directorate Common of Overseas Commerce (DGFT) stated within the notification.
The merchandise exports rose by by 37 per cent to USD 400.8 billion in 2021-22 till March 21 towards USD 292 billion in 2020-21. Imports in the course of the interval stood at USD 589 billion, leaving a commerce deficit of about USD 189 billion.
Federation of Indian Export Organisations (FIEO) Director Common Ajay Sahai stated that it was a superb consideration to increase the FTP for few extra months.
In a separate notification, the DGFT stated import of urea on authorities account is allowed by way of Indian Potash Ltd until March 31, 2023.
That is topic to a norm underneath the overseas commerce coverage.