Correct Answer: Ministry of Commerce and Industry

Solution : The correct answer is (b) Ministry of Commerce and Industry.

The Ministry of Commerce and Industry is responsible for formulating and implementing the foreign trade policy of India. The ministry plays a crucial role in shaping the country's trade and commerce activities, both domestically and internationally.

The Ministry of Commerce and Industry, in collaboration with various departments and agencies, develops the FTP after considering inputs from stakeholders, industry associations, and trade experts. The policy is periodically revised to align with changing global trade dynamics, economic priorities, and the overall development goals of the country.