India's commerce ministry completed the groundwork for the new five-year foreign policy that would be unveiled by the new government taking over amidst difficult global trade environment, reported the PTI.
The Director General of Foreign Trade, R.S.Gujral, said that the consultation process and compiling of suggestions from business chambers and exporters are over. However, he did not divulge the thrust of new policy due to Election Commission's model code of conduct. Industry officials said that the biggest challenge for the new government is to bring back the export trend.
Exports that contribute about 17% to 18% of India's GDP providing employment to 5-crore people, suffered a big blow due to the global slowdown. It went into negative zone after reporting remarkable growth of over 30% for the April-September period of 2008-09.
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