Finance Minister in his Budget Speech had assured that full support will be provided for exports in the backdrop of growing current account deficit. In this context, the Commerce Minister has held a series of consultations with FICCI, CII, Export Promotion Councils and FIEO and a meeting of the Board of Trade was convened on 22^nd March 2013. Thereafter, detailed consultations have been held between Commerce Ministry and Finance Ministry on drawing the contours of a package to be announced as part of the Foreign Trade Policy.

The Commerce Minister and Finance Minister have discussed the matter at length on 23^rd March 2013 with all key officials of both Ministries and have held a second round of discussions in Durban on the margins of the BRICS Summit. The discussions between the two Departments have been extremely constructive and are now in final stages.

It is expected that the Annual Supplement to the Foreign Trade Policy would be announced by the 3^rd week of April and address both the immediate and medium term concerns of exports and to give a fillip to India’s exports.

DS/RK

(Release ID :94382)

Foreign Trade Policy supplement to address export support and current account deficit concerns forthcoming. An Annual Supplement to the Foreign Trade Policy will provide measures to bolster exports in response to the current account deficit; it is being finalised after inter ministerial coordination between the commerce and finance ministries and consultations with industry stakeholders, and is intended to address immediate exporter constraints and medium term competitiveness.