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The government has extended the Foreign Trade Policy (FTP) 2015-20, which was valid till September 30, by six months more, effective from October 1.

According to a statement issued by the Ministry of Commerce, the extension was given after repeated requests were received from Export Promotion Councils and exporters, urging the government to do so.

"In recent days, exporters and industry bodies have strongly urged the government that in view of the prevailing, volatile global economic and geo-political situation, it would be advisable to extend the current policy for some time, and undertake more consultations before coming out with the new policy," official sources said.

FTP provides guidelines for increasing exports, which would enable job creation and enhance economic growth. On March 31, 2020, the government had extended it by a year till March 31, 2021 amid prevailing coronavirus lockdowns and rising infection rates.