Impact of global uncertainties and currency fluctuations on the economy

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New Delhi: The government had planned to change the foreign trade policy by the end of September, but at present the plan has been postponed due to currency volatility and global uncertainty. The government has decided to continue the current Foreign Trade Policy (FTP) 2015-2020 till further orders. The government will wait a bit for the new policy. A change in foreign trade policy may now take place in March 2023.

Considering the insistence of EPC, industry, several top officials and industry personalities, the government has decided to continue the existing policy. According to a statement issued by the government, this is not the right time to change the policy. It has been postponed for 6 months as the global situation is not favourable.

Apart from this, the Indian rupee is also depreciating against the dollar. In such a situation, the government will wait for a while for a new policy. It may be mentioned here that the current foreign trade policy ends on 30 September.

Currently there is a threat of recession in the major economies of the world including America and Europe. In this situation, there is an atmosphere of fear among the investors of these countries. As a result, foreign investors are withdrawing money from the Indian stock market. Apart from this, inflation and interest rates continue to rise due to the Ukraine-Russia war, due to which the Indian rupee has hit a record low against the dollar.

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