34 C
Delhi
Wednesday, September 30, 2020

No restrictions on imports in new trade policy

- Advertisement -

Revenue impact from trade agreements increased by 35 per cent: ReportBy Mahua Venkatesh, Aug 22 (IANS) The government, which has started work on drafting the new foreign trade policy, is set to focus on boosting the manufacturing sector amid altered world dynamics in the wake of the coronavirus pandemic.

While there has been pressure to reduce imports, an insider who is closely working on this issue said that the Narendra Modi government will not resort to scrapping inbound shipments from any destination. Instead, the focus will be on boosting the ‘Make in India’ programme while aligning it with the global and local supply chains.

Prime Minister Modi, while delivering his Independence Day speech, asked both foreign and domestic companies to make India their manufacturing hub. The focus, he said, will now be ‘Make in India’ to ‘Make for World.’

“The new foreign trade policy is not about reducing imports. We cannot do this at this point as that will harm the economy. However, the government is looking at boosting the manufacturing industry so that India can produce for the world. Many companies have already shown keen interest in coming to India and setting up factories here,” Gopal Krishna Agarwal, national spokesperson of the BJP, told IN.

However, the duty structure will be relooked at to ensure that the manufacturing sector does not suffer. The current trade policy will expire in 2021.

Sources also said that while India pulled out of the Regional Comprehensive Economic Partnership (RCEP) last year, and has not signed any new free trade agreement (FTA) since 2012, the government is not against trade deals with other countries as it is being projected. “We are open to inking trade deals though we have exited the RCEP. It does not mean that India is reluctant to do trade,” the insider said.

According to official data, India’s share in global exports for merchandise was 1.7 per cent in 2018. The focus in the new policy will be to take it to double digits.

Until now, China, with about 17 per cent share in global trade, has been the world’s largest supplier of goods. However, the dragon’s share has fallen in the last couple of years as it has been entangled in a bitter trade war with the US. Data portal statistica.com revealed that China’s share of exports in its total GDP basket dropped to approximately 17.4 per cent in 2019. The total Chinese merchandise export value amounted to around 17.23 trillion yuan that year. It had touched about 20.9 per cent in 2015.

In the wake of the spread of the pandemic, which had brought global economy to a near halt, several companies with manufacturing facilities in China have already shifted out. Many others are exploring opportunities.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

All Babri demolition accused acquitted as act was ‘spontaneous’

Lucknow, Sep 30 (IANS) A Special CBI court hearing the Babri mosque demolition case of December 6, 1992, acquitted all the 32 accused on...

Hathras victim cremated, police denies coercion

Hathras, Sep 30 (iANS) A 19-year-old Dalit woman from Hathras, who died in a Delhi hospital after sustaining grievous injuries during an alleged gang...

‘Indian chemical industry can contribute $300 bn to GDP by 2025’

New Delhi, Sep 29 (IANS) The Indian chemical industry has a huge role to play to make India a $5 trillion economy, with a potential...

SEBI amends norms for delisting of subsidiaries, debenture trustees

Mumbai, Sep 29 (IANS) The Securities and Exchange Board of India (SEBI) on Tuesday decided to amend regulations for delisting of equity shares, stipulating...

TCS/TDS from Oct 1: Compliance going to be a big challenge

New Delhi, Sep 29 (IANS) The Central Board of Direct taxes (CBDT) has issued a circular (No. 17) clarifying the tax deduction at source (TDS)...

AIIMS, CBI looking at legal aspects before reaching logical conclusion in SSR case

New Delhi, Sep 29 (IANS) The Forensic Department of the All India Institute of Medical Sciences (AIIMS), which has been roped in by the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Serum Institute to manufacture 200mn doses of Covid-19 vaccine

New Delhi, Sep 29 (IANS) A further collaboration among the Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, Gavi...

Serum Institute to manufacture 200mn doses of Covid-19 vaccine

New Delhi, Sep 29 (IANS) A further collaboration among the Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, Gavi...

87million were likely exposed to Covid-19, 1 in 15 had antibodies

New Delhi, Sep 29 (IANS) The key findings of the second round of sero-survey conducted by the Indian Council of Medical Research (ICMR) suggested...

Health ministry launches web portal for COVID-19 vaccine updates

New Delhi, Sep 28 (PTI) The Union Health Ministry on Monday launched a web portal that will provide all important information on COVID-19, vaccine...

Dependence of global supply chain on single source exposed: PM Modi

New Delhi, Sep 28 (PTI) The coronavirus pandemic has shown the risk involved in excessive dependence of the global supply chain on any single...

Over 3,000 vaccinated against coronavirus in Moscow

Moscow, Sep 28 (IANS) More than 3,000 people in Moscow have been vaccinated against the novel coronavirus, the media has reported."More than 3,000 volunteers...

Trending News In India

RBI extends interim relaxations in WMA limits, OD regulations

New Delhi, Sep 30 (IANS) The Reserve Bank of India (RBI) has extended the interim relaxations it made for the state governments earlier this...

All Babri demolition accused acquitted as act was ‘spontaneous’

Lucknow, Sep 30 (IANS) A Special CBI court hearing the Babri mosque demolition case of December 6, 1992, acquitted all the 32 accused on...

Hathras gang-rape case:PM calls for strict action, Adityanath set ups SIT

Lucknow Sep 30 (PTI) Amid outrage over the Hathras gang-rape case, Prime Minister Narendra Modi spoke with UP Chief Minister Yogi Adityanath and sought...

Hathras victim cremated, police denies coercion

Hathras, Sep 30 (iANS) A 19-year-old Dalit woman from Hathras, who died in a Delhi hospital after sustaining grievous injuries during an alleged gang...

‘Indian chemical industry can contribute $300 bn to GDP by 2025’

New Delhi, Sep 29 (IANS) The Indian chemical industry has a huge role to play to make India a $5 trillion economy, with a potential...

SEBI amends norms for delisting of subsidiaries, debenture trustees

Mumbai, Sep 29 (IANS) The Securities and Exchange Board of India (SEBI) on Tuesday decided to amend regulations for delisting of equity shares, stipulating...

Trending Showbiz

AIIMS, CBI looking at legal aspects before reaching logical conclusion in SSR case

New Delhi, Sep 29 (IANS) The Forensic Department of the All India Institute of Medical Sciences (AIIMS), which has been roped in by the...

We are conducting probe into Sushant case professionally, says CBI

New Delhi, Sep 28 (IANS) Days after Vikas Singh, lawyer of Sushant Singh Rajput’s family, sought updates in the Central Bureau of Investigation (CBI) investigation, the...

NCB seizes phones of Deepika, Rakul, Simone, Karishma in drugs case

Mumbai, Sep 26 (IANS) The Narcotics Control Bureau (NCB), which quizzed Bollywood actors Rakul Preet Singh, Deepika Padukone, her former manager Karishma Prakash, and...

NCB quizzes Deepika, Sara, Shraddha in drug case related to SSR death

Mumbai, Sep 26 (IANS) The Narcotics Control Bureau (NCB) on Saturday questioned Bollywood divas Deepika Padukone, Sara Ali Khan, Shraddha Kapoor for several hours...

‘CBI delay in converting abetment to suicide to murder frustrating’

Mumbai, Sep 25 (IANS) Vikas Singh, family lawyer of late actor Sushant Singh Rajput, on Friday stated that the delay being by Central Bureau...

NCB questions Rakul, Deepika’s ex-manager, Dharma Productions honcho

Mumbai, Sep 25 (IANS) The Narcotics Control Bureau (NCB) on Friday is questioning Bollywood actor Rakul Preet Singh, Dharma Productions executive producer Kshitij Ravi...

Trending Sports

All-round effort helps SunRisers notch first win

Abu Dhabi, Sep 30 (IANS/GloFans) SunRisers Hyderabad (SRH) finally opened their account -- the last of the eight teams to do so -- with clinical...

Kohli wins Super Over thriller for RCB, Kishan’s 99 in vain

Dubai, Sep 29 (IANS/GloFans) In yet another roller-coaster contest, Royal Challengers Bangalore (RCB) edged out Mumbai Indians (MI) in a Super Over tie-breaker - the...

ICC gets recognition for two digital initiatives in Leaders in Sports Awards

Dubai, Sep 28 (PTI) The International Cricket Council (ICC) has been recognised for its twin digital initiatives at the prestigious Leaders in Sports Awards...

Played nearly 500 games, can speak to any player says Ganguly

Kolkata, Sep 28 (PTI) His nearly "500 international match experience" gives him the right to speak and guide any player "be it Shreyas Iyer...

Went through rigorous physical, mental transformation for 1996 Olympics, says Paes

New Delhi, Sep 28 (IANS) The year was 1996 and no Indian had won an individual medal at the Olympics 44 years prior to...

Sensational Tewatia hits five sixes in an over as RR defeats KXIP

Sharjah, Sep 28 (PTI) Rahul Tewatia struck five sixes in an over at the fag end of the match as Rajasthan Royals recorded the...

Latest Trending News In India

Supreme Court refuses to postpone civil service exam of 2020

New Delhi, Sep 30 (PTI) The Supreme Court Wednesday refused to postpone UPSC civil services preliminary exam, to be held on October 4, because...

All Babri demolition accused acquitted as act was ‘spontaneous’

Lucknow, Sep 30 (IANS) A Special CBI court hearing the Babri mosque demolition case of December 6, 1992, acquitted all the 32 accused on...

Hathras gang-rape case:PM calls for strict action, Adityanath set ups SIT

Lucknow Sep 30 (PTI) Amid outrage over the Hathras gang-rape case, Prime Minister Narendra Modi spoke with UP Chief Minister Yogi Adityanath and sought...

Hathras victim cremated, police denies coercion

Hathras, Sep 30 (iANS) A 19-year-old Dalit woman from Hathras, who died in a Delhi hospital after sustaining grievous injuries during an alleged gang...

‘Indian chemical industry can contribute $300 bn to GDP by 2025’

New Delhi, Sep 29 (IANS) The Indian chemical industry has a huge role to play to make India a $5 trillion economy, with a potential...