Piyush Goyal: The new Foreign Trade Strategy 2023, which was unveiled today by Commerce Minister Piyush Goyal, is anticipated to increase exports in the face of sluggish global trade. The ambition to increase India’s exports of products and services to $2 trillion by 2030 has been emphasised in the new foreign trade policy. Beginning on April 1, 2023, the new FTP goes into effect. Goyal stated on Friday that the new policy’s main objective will be to internationalise rupee trade.
India’s overall exports are expected to surpass $760 billion in FY 2023
According to Santosh Sarangi, Directorate General of Foreign Trade, India’s overall exports are expected to surpass $760 billion in FY 2023, up from $676 billion in FY 2021–22. The Directorate General of Foreign Trade predicted that India’s exports would surpass $765 billion in the fiscal year 2022–2023 on Friday. According to the government, the new foreign trade policy will signal a shift from incentives to remission. In cooperation with exporters, states, districts, and Indian Missions, it will put a strong emphasis on promoting exports. It will encourage business accessibility and put an emphasis on developing industries like e-commerce and export hubs.
Top Highlights of the Policy
- To reach its objective of $1 trillion in merchandise exports and $1 trillion in service exports by 2030, the government reaffirmed sector-specific benchmarks.
- According to the new policy, Faridabad, Moradabad, Mirzapur, and Varanasi have each been designated as towns of export excellence for the categories of apparel, handicrafts, handmade carpet and dari, as well as handloom and handicrafts. These are in addition to the 39 towns that already fall under this category.
- According to the DGFT, FTP has changed to allow for Rupee trade settlement and the awarding of export incentives. FTP will introduce provisions for merchanting trade.
- According to the DGFT, the FTP 2023 will promote e-commerce export, which is anticipated to reach $200–300 billion by that year.
- According to Sarangi, the Foreign Trade Strategy 2023–28 has established an amnesty programme for the one-time payment of export requirement default.
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