India unveils Foreign Trade Policy, eyes USD 2 trillion exports by 2030

By PTI

NEW DELHI: The authorities on Friday got here out with Foreign Trade Policy (FTP) 2023 which seeks to spice up the nation’s exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement-based regime.

Unlike the apply of saying 5-year FTP, the newest coverage has no finish date and will likely be up to date as and when wanted, mentioned Director General of Foreign Trade (DGFT) Santosh Sarangi whereas briefing media about FTP 2023.

Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which can come into impact from April 1, 2023.

The DGFT additionally mentioned India is more likely to finish this fiscal yr with whole exports of USD 760-770 billion as towards USD 676 billion in 2021-22. The final five-year coverage got here into pressure on April 1, 2015.

However, it was prolonged a number of occasions within the wake of the coronavirus outbreak and subsequent disruptions in financial actions globally. The final extension was given in September 2022 until March 31, 2023.

The new FTP identifies 4 new Towns of Export Excellence (TEE) — Faridabad, Moradabad, Mirzapur and Varanasi — along with the already present 39 TEEs.

The FTP advantages have been prolonged to e-commerce exports, that are estimated to develop to USD 200-300 billion by 2023.

The worth restrict for exports by courier service is being elevated from Rs 5 lakh to Rs 10 lakh per consignment, he mentioned.

The new FTP additionally seeks to make the Indian rupee a worldwide foreign money and permit worldwide commerce settlement within the home foreign money.

The DGFT additional mentioned FTP 2023 is dynamic and conscious of the rising commerce situation. He additionally mentioned the division of commerce is being restructured to make it “future-ready”.

NEW DELHI: The authorities on Friday got here out with Foreign Trade Policy (FTP) 2023 which seeks to spice up the nation’s exports to USD 2 trillion by 2030 by shifting from incentives to remission and entitlement-based regime.

Unlike the apply of saying 5-year FTP, the newest coverage has no finish date and will likely be up to date as and when wanted, mentioned Director General of Foreign Trade (DGFT) Santosh Sarangi whereas briefing media about FTP 2023.

Earlier, Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which can come into impact from April 1, 2023.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );

The DGFT additionally mentioned India is more likely to finish this fiscal yr with whole exports of USD 760-770 billion as towards USD 676 billion in 2021-22. The final five-year coverage got here into pressure on April 1, 2015.

However, it was prolonged a number of occasions within the wake of the coronavirus outbreak and subsequent disruptions in financial actions globally. The final extension was given in September 2022 until March 31, 2023.

The new FTP identifies 4 new Towns of Export Excellence (TEE) — Faridabad, Moradabad, Mirzapur and Varanasi — along with the already present 39 TEEs.

The FTP advantages have been prolonged to e-commerce exports, that are estimated to develop to USD 200-300 billion by 2023.

The worth restrict for exports by courier service is being elevated from Rs 5 lakh to Rs 10 lakh per consignment, he mentioned.

The new FTP additionally seeks to make the Indian rupee a worldwide foreign money and permit worldwide commerce settlement within the home foreign money.

The DGFT additional mentioned FTP 2023 is dynamic and conscious of the rising commerce situation. He additionally mentioned the division of commerce is being restructured to make it “future-ready”.