What is Foreign Trade Policy?

The Foreign Trade Policy (FTP) was introduced by the Government to grow the Indian export of goods and services, generating employment and increasing value addition in the country. The Government, through the implementation of the policy, seeks to develop the manufacturing and service sectors. Primary Focus Areas: The Government, through the policy, primarily focuses on adopting a twin strategy of promoting traditional and sunrise sectors of exports including services. Further, it intends to simplify the process of doing business. Here’s an overview of some of the major initiatives under the Foreign Trade Policy:

Niryat Bandhu Scheme: DGFT has come up with the Niryat Bandhu Scheme for mentoring budding exporters on the intricacies of foreign trade by means of counseling, training and outreach programmes.

To achieve the objective of the scheme, outreach activities will be organized in a structured manner with the assistance of Export Promotion Councils and other willing knowledge partners in academia and research community. Besides, for the optimal utilization of resources, all the stakeholders will be attempted to be associated, including Customs, ECGC, Banks and concerned Ministries.

Electronic IEC

Import exporter code, or in casual terms, export permit is mandatory for carrying out exports and imports from/to another country. DGFT has facilitated the online filing of IEC application.


The initiative of Electronic Bank Certificate (e-BRC) enables DGFT to capture essential details of realization of export proceeds directly from the banks by means of secured electronic mode. This paves the way for implementation of various export promotion schemes without any physical interface with the stake holders. Online Filing of Applications

Thanks to digitization, filing of applications has been made easier than ever before. The DGFT has facilitated the online filing of applications to obtain IEC and various Authorizations/scrip. The entity has introduced a web interface for online filing of application. The application can be paid online and the fees can be remitted through the banking facilities provided. The furnished applications are digitally signed and submitted electronically to the concerned Regional.

Facility for CA/CS/Cost Accountant

Charted Accountants, Company Secretaries and Cost Accountants can now upload their digitally signed documents through an electronic procedure. By using this facility, the exporter shall link digitally uploaded annexure with his/her online application.

Electronic Data Interchange

DGFT has established the system of EDI with the objective of facilitating exports and promoting good governance. The official body has set up a secured EDI message exchange system for activities connected with documentation, namely; Customs, banks and EPC’s; thereby resulting in reduced physical interface of exporters and importers with the Government Departments. Besides, it leads to the waiver of transaction costs.

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

Do follow me on FacebookTwitter  Youtube and Instagram.

The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.

If you would also like to contribute to my website, then do share your articles or poems at adv.aishwaryasandeep@gmail.com

We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.

We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.