NEW DELHI: The new Foreign Trade Policy will focus on ways to boost India's exports and reduce dependence on imports, a government official said.
"India being part of WTO cannot only think in terms its export promotion without equally supporting import substitution.
"Therefore, the focus of the new policy would be to vigorously promote both exports and imports with significantly substantial focus on exports," industry body PHDCCI said quoting Additional Director General of Foreign Trade (DGFT) Sumeet Jerath.
Jerath said the policy (FTP 2014-19), to be announced by the new government post general elections next month, will lay greater thrust on engaging with the rest of the world particularly in sectors such as pharma and engineering.
He said old procedures and regulations governing exporters will be trimmed and pruned to suit the export requirements of the modern times so that the realistic targets are made achievable.
India's overall exports fell short of the $325 billion target in 2013-14. They touched $312.3 billion.
Jerath said: "It would be the attempt of the policy makers to take India 's share in global trade to over 5 per cent from current level of 2 per cent in the next five year period."
He also informed the industry chamber's members that the DGFT's second committee report on reducing transaction cost is ready.
He said: "...(it) suggests a way forward as to how the new government should tackle the issues relating to higher transaction cost to enable exporters achieve the desired level of exports to both developed and developing economies."
On the pharma sector, he assured the industry that new government will make sure that the domestic industry gets a fair deal in other countries.