India’s Commerce Minister, Piyush Goyal, has announced the launch of the new Foreign Trade Policy-2023 (FTP) on March 31st, with the aim of boosting exports amid the global trade decline. The government is anticipating that the new FTP will help India’s goods and services exports reach $2 trillion by 2030. Here’s what you need to know about the policy:
Internationalization of Business in Rupees
The new foreign trade policy will take effect from April 1, 2023. Goyal emphasized that the new policy would focus on the internationalization of business in rupees. The Directorate General of Foreign Trade (DGFT) Santosh Sarangi stated that India’s total exports in 2023-24 are predicted to cross $760 billion as opposed to $676 billion in 2021-22.
Promotion of Ease of Doing Business
The ministry has announced that the new foreign trade policy will feature incentives and remissions. The policy will focus on export promotion in collaboration with exporters, states, districts, and the Indian mission. Furthermore, it will prioritize ease of doing business, concentrating on emerging sectors such as e-commerce and export hubs.
Dynamic FTP with Continuous Updates
DGFT has confirmed that the policy will be dynamic and updated whenever necessary, with no last date for feedback. If a sector feels that the policy does not address their concerns, there is no need to worry. The government will continue to make changes and update the document.
Full Support from the External Affairs Ministry
The new policy is expected to remain in effect until 2028, but it will be updated as required. In the coming months, the government will take sectors to a global level to encourage exports. The Ministry of External Affairs has pledged full support for the promotion of business, technology, and tourism in India via foreign missions.
The new Foreign Trade Policy-2023 is a step forward for India’s economic growth and exports. The policy aims to make doing business in India easier, promote exports, and focus on emerging sectors such as e-commerce. The government’s efforts to encourage and support business are commendable, and with the help of this new policy, India can reach new heights in global trade.