Foreign Trade Policy - Current Affairs Questions and Answers

1)   Name the two schemes introduced under the new foreign trade policy?

a. Merchandise Export from India Scheme & Services Export from India Scheme
b. Services Export from India Scheme & Services Import from India Scheme
c. Services Import from India Scheme & Merchandise Export from India Scheme
d. Merchandise Import from India Scheme & Services Export from India Scheme
Answer  Explanation 

ANSWER: Merchandise Export from India Scheme & Services Export from India Scheme

Explanation:
The new trade policy introduced two new schemes; the first one is Merchandise Export from India Scheme (MEIS) for export of specific goods to specific markets. The other, Services Export form India Scheme (SEIS) to increase the export of notified services. These two schemes will replace multiple schemes with different conditions for eligibility and usage.
2)   Consider the following statements about the Foreign Trade Policy 2015-20 unveiled on 1st Apr’15.
A. This policy focuses on boosting exports and create jobs while supporting the Centre’s Make In India' and Digital India' programs.

B. The new policy is to create architecture for the Indian economy so that it can gain global competitiveness and promote the diversification of Indian export.

C. The policy is to move towards paperless working in 24x7 environments.

D. The policy comes at a time when export growth contracted 15 per cent in February 2014-15, reporting a negative growth for the third consecutive month.

a. A & B is correct
b. B & C is correct
c. A, B & D is correct
d. All of the above is correct
Answer  Explanation 

ANSWER: All of the above is correct

Explanation:
The policy document was released by the Minister of Commerce and Industry Nirmala Sitharaman in New Delhi. While releasing the FTP, Mrs Sitharaman said that the new policy will support both manufacturing and service sector with special emphasis on improving the ease of doing business.
3)   The Indian Government unveiled the new Foreign Trade Policy 2015-20 on _____.

a. 30th Mar 2015
b. 31st Mar 2015
c. 1st April 2015
d. 30th April 2015
Answer  Explanation 

ANSWER: 1st April 2015

Explanation:
The government will unveil the new Foreign Trade Policy on first of April. The policy is aimed at giving fillip to exports with an objective to drive economic growth and create more employment opportunities. The foreign trade policy, which is usually announced in April, provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment.

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