For the first time in India, a comprehensive Foreign Trade Policy has been notified that takes an integrated view of the overall development of India’s foreign trade. In 2004, the Ministry of Commerce and Industry has announced the five-year Foreign Trade Policy (2004-2007) in place of the former Export-Import Policy and has attempted to formulate trade policy in terms of the nation's development objectives particularly employment generation. The industry has called this policy as “bold sector-specific initiative” that will impart a strong impetus to the growth of exports as well as employment. Foreign Trade Policy aims to double India's percentage share in global merchandise trade by 2009, simplify Trade procedures and reduce transaction costs. The Government has set up a Grievance Redressal Committee to resolve all outstanding problems and disputes pertaining to the past policy periods.
