Foreign Trade Policy 2023 to boost exports, target to $2 trillion by 2030
The new FTP comes into effect from April 1, 2023 will focus on the internationalisation of trade in rupees. Directorate General of Foreign Trade Santosh Sarangi said that India’s total exports in FY 2023 is projected to cross $760 billion as against $676 billion in 2021-22. India will likely cross $765 billion in exports in fiscal 2022-23.
Team RuralVoice
Commerce Minister Piyush Goyal unveiled the new Foreign Trade Policy 2023, which is expected to boost exports amid slowing global trade. The new foreign trade policy has highlighted the vision to take India's goods and services exports to $2 trillion by 2030. The new FTP comes into effect from April 1, 2023.
Goyal said the new policy will focus on the internationalisation of trade in rupees. Directorate General of Foreign Trade Santosh Sarangi said that India’s total exports in FY 2023 is projected to cross $760 billion as against $676 billion in 2021-22. On Friday, the Directorate General of Foreign Trade said India will likely cross $765 billion in exports in fiscal 2022-23.
The new foreign trade policy, the ministry said, will mark a move from incentives to remission. It will focus on export promotion through collaboration with exporters, states, districts, and Indian Missions. It will promote ease of doing business and focus on emerging areas like e-commerce and export hubs.
"The policy will be dynamic. There is no end date to ensure when we have feedback, we will keep changing this document and update it. If there is a sector that feels this FTP does not have anything for them, don't feel disappointed," the DGFT said.
Goyal said the policy is dynamic and has been kept open-ended to accommodate the emerging needs of the time. The policy has been formulated after multiple stakeholder consultations.
The Minister said India’s overall exports including services and merchandise exports have already crossed 750 billion dollars and it is expected to cross 760 billion dollars this year.
He said the new FTP seeks to take India’s exports to two trillion dollars by 2030. India will undertake a massive trade outreach globally in the next four months to boost exports.
The Key Approach to the Foreign Trade policy is based on four pillars - Incentive to Remission, Export promotion through collaboration, Ease of doing business, and Emerging Areas.
