India announces export targets for a period of 5 years
Sets under obligation to achieve NFE For SEZs and EOUs with FTP upto 31-3-2021 Export targets are set for Special Economic Zones (SEZs)/Export Oriented Units (EOUs). The SEZ units/EOU units are under obligation to achieve positive Net Foreign Exchange (NFE) earning to be calculated cumulatively for a period of 5 years from the commencement of production. Merchandise exports to Europe and other major western countries (USA, Canada and Mexico) exhibited a positive growth trend in 2017-18 and 2018-19. As per World Bank data, some of the major sectors that showed a decline in global demand during 2019 (latest data available) include chemicals, fuels, textiles & clothing, machinery & electricals, metals and transportation. Of these, India’s exports showed a decline in respect of fuels, textiles & clothing and metals during the same period. The following are some of the key steps taken by Government to increase exports: i. Foreign Trade Policy (2015-20) extended by