What are the short-term and long-term objectives of India's foreign trade policy ?

India's Foreign Trade Policy (FTP) has, conventionally, been formulated for five years at a time and reviewed annually. The focus of the FTP has been to provide a framework of rules and procedures for exports and imports and a set of incentives for promoting exports. The Foreign Trade Policy seeks to achieve the following short term and long term objectives: To provide a stable and sustainable policy environment for foreign trade in merchandise and services; To link rules, procedures and incentives for exports and imports with other initiatives such as "Make in India", "Digital India" and "Skills India" to create an "Export Promotion Mission for India"; To promote the diversification of India's export basket by helping various sectors of the Indian economy to gain global competitiveness with a view to promoting exports; To create an architecture for India's global trade engagement with a view to expanding its markets and better integrating with major regions, thereby increasing the demand for India's products and contributing to the government's flagship "Make in India" initiative; To provide a mechanism for regular appraisal in order to rationalise imports and reduce the trade imbalance.