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Delayed FTP: What India’s new trade policy should include in the post-pandemic world

In a counterfactual world where the Covid-19 pandemic didn’t exist, expectations from the upcoming Foreign Trade Policy (FTP) would have starkly differed from what it must accommodate today.

With the global economic downturn and the surmounting uncertainties about the future, needless to say, the FTP has to be re-engineered to capture the new normal. Perhaps the further delay in announcing the FTP would give the policy tank more time to research and launch new schemes for the trading community.

From addressing the many new problems that emerged due to supply chain disruptions to preparing itself for the potential global policy changes like the EU Carbon Border Tax, the focus should be on developing India’s domestic front. Only through devising robust infrastructure to facilitate trade and formulating relevant and resilient schemes like RoDTEP can India put itself on the global trade map and strive towards better export performance and growth. The government should look at these timely schemes and consider their results while brainstorming and drafting the future FTP.

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