Comprehensive Indian foreign trade policy to be announced in August

Shimla, June 15 (ANI): Commerce and Industry Minister Anand Sharma has said that the government would come up with a comprehensive foreign trade policy in August.

Talking to reporters here on Sunday, Sharma said that the policy would provide a stimulus to trade.

"We will be coming out with foreign trade policy in August. We will give more stimulus and incentives in foreign trade policy. I hope that what the government will do between now and August will help in turning around the situation. After August we hope from September onwards there will be a visible and positive increase," he added.

Sharma also said that the trade ministry was keen to simplify procedures and put in an investor-friendly trade policy.

"We would like to create a investor friendly climate in the country particularly for FDI to attract more FDI for which simplification of procedures and approvals is important. Every state has some additional requirements, therefore, to have uniformity and simplification of procedures and approvals we will be convening a meeting of industry ministers of all the states," he added.

Exports, which contribute nearly a fifth to India's economy, have been falling since October, prompting exporters to demand relief measures from the government to stop the slide. (ANI)