The Directorate General of Foreign Trade (DGFT) extended the foreign trade policy (FTP) till September 30 to ensure policy continuity in external trade. The development comes amid disruptions in global trade due to tension between Russia and Ukraine. The FTP is a set of policy guidelines and a strategy to promote the export of goods and services. The existing policy came into force on April 1, 2015, and was valid for five years.

However, a new FTP was postponed, and the existing policy was extended till March 31, 2021, as businesses were handling the disruption caused by Covid-19. The policy was again extended till September 30 2021, and after that, till March 31, 2022, as the government did not have anything important to introduce in the new policy.

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Over the last few years, the government has phased out various incentive-driven schemes for exporters. The merchandise exports from India scheme (MEIS) were eliminated after the World Trade Organization (WTO) said that some export incentive schemes breached the provisions by giving export subsidies for a wide range of goods. Currently, exporters get help from schemes such as interest equalisation scheme, transport subsidy scheme, Rebate of State and Central Taxes and Levies (RoSCTL) and Remission of Duties and Taxes on Export Products (RoDTEP).