The main issue is the general elections scheduled for 2024,” a source said.

The policy is unlikely to announce any significant fiscal incentives as export sops are not compatible with WTO rules. Incentives related to R&D could find a mention in the policy, the source said.

A chapter on e-commerce, with a focus on the MSME sector pushing sales through online platforms, is on the cards.

The move aims to encourage small entities to tap markets for growth and accelerate exports of geographical indication (GI) products.

Exporter organisations have requested the commerce ministry to provide incentives for e-commerce to bring them on a par with conventional merchandise exports.

Officials indicated that the FTP would be a kind of strategy document to take Indian exports of both goods and services to a trillion dollars by2030 with medium and long-term goals.

The policy could provide direction on tapping global value chains and boost exports amid a global slowdown.

The World Trade Organisation in April lowered its2022 global trade forecast to 3 per cent from 4.7 per cent because of the ongoing conflict between Russia and Ukraine.

“Uncertainty surrounding the forecast has increased due to the ongoing conflict in Ukraine, rising inflationary pressures, and expected monetary policy tightening in advanced economies. A revised forecast will be issued in early October,” it said.