FTP-Mid Term Review and subsequent trade related policies.
In the mid-term review of FTP released on 5th December 2017, some additional measures have been taken to help India's trade sector. Besides, on 15th December, 2017, a special package for employment generation in the leather and footwear sector was approved by the Government. This is also likely to help exports from this sector.
Multilateral Negotiations
The Eleventh Ministerial Conference (MCII) of the World Trade Organization (WTO) ended withoutaMinisterial Declaration or any substantive outcome.
During MCII India stood firm on its stand on the fundamental principles of the WTO, including multilateralism, rule-based consensual decision making, an independent and credible dispute resolution and appellate process, the centrality of development which underliestheDoha Development Agenda (DDAQ) and special and differential treatment for all developing countries.
Foreign Exchange Reserves
India's foreign exchange reserves reached US$ 409.4 billion on end-December 2017. Foreign exchange reserves grew by 14.1 percent on a y-o-y basis from end December 2016 (US$ 358.9 billion) to end December 2017 (US$ 409.4 billion) and it grew by 10.7 percent from end- March, 2017 (US$370.0 billion) to end December 2017. Foreign exchange reserves increased furthertoUS$ 413.8 billion on January 12, 2018.
The import cover of India's foreign exchange reserves was 11.1 months at end-September 2017 as compared with 11.3 months at end -March 2017. Within the major economies running current account deficit, India is among the largest foreign exchange reserve holders and sixth largest among all countries of the world.
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DSM/OK/RM/RDS/skMinistry of Finance of the Republic of India published this content on 29 January 2018 and is solely responsible for the information contained herein.
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