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Every year, Foreign Trade Policy has been declared by which ministry of the Government of India?
Ministry of Commerce and Industry
Ministry of External Affairs
Ministry of Information
Ministry of Home Affairs
Ministry of Commerce and Industry
The Foreign Trade Policy (FTP) of India is formulated, declared, and updated by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India. It outlines strategies, incentives, and regulatory frameworks to promote export growth and integrate India into global supply chains.
The Foreign Trade Policy (FTP) of India is formulated, declared, and updated by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India. It outlines strategies, incentives, and regulatory frameworks to promote export growth and integrate India into global supply chains.
Union List (Entry 41: 'Trade and Commerce with foreign countries; import and export across customs frontiers') in the 7th Schedule of the Constitution of India gives Parliament exclusive authority over foreign trade.
The Foreign Trade Policy is framed under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992.
The Directorate General of Foreign Trade (DGFT) is the key executing agency under the Department of Commerce.
The Foreign Trade Policy 2023 came into effect on April 1, 2023, replacing the FTP 2015-20.
FTP 2023 sets an ambitious target of reaching $2 Trillion in total exports (Goods and Services) by 2030.
The FTP 2023 focuses on 4 main pillars: Incentive to Remission, Export promotion through collaboration, Ease of doing business, and Emerging areas (E-commerce & SCOMET exports).
Option B (Ministry of External Affairs) deals with foreign relations, diplomatic missions, and international treaties, not commercial trade policies.
Option C (Ministry of Information) handles broadcasting and public communication, while Option D (Ministry of Home Affairs) oversees internal security and border management.
A is correct тАФ The Ministry of Commerce and Industry formulates and notifies India's Foreign Trade Policy through the DGFT.
Questions on FTP frequently overlap with Indian Economy (Balance of Payments, Current Account Deficit) and Polity (7th Schedule Union List Entry 41).
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