New Delhi, Apr 1 (IANS): India's Foreign Trade Policy (FTP) 2015-20 has been extended for one year.

Accordingly, the Union Commerce and Industry Ministry in a statement on Tuesday night said: "In view of the unprecedented current situation arising out of the pandemic Novel COVID-19, the Govt. has decided to continue relief under various export promotion schemes by granting extension of the existing Foreign Trade Policy by another one year i.e. up to 31st March, 2021."

The present Policy came into force on 1st April, 2015, is for 5 years and had validity upto 31st March, 2020.

Furthermore, the ministry announced several other relief measures to support trade and industry.

"Benefit under all the Export Promotion Schemes (except SEIS) and other schemes, available as on date, will continue to be available for another 12 months. Decision on continuation of SEIS will be taken and notified subsequently," the ministry said in a statement.

"Similarly, validity period of the Status Holder Certificates is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits."

In addition, the ministry came out with several other measures like extending "Transport Marketing Assistance on the specified Agricultural Products" for one year amongst others.