Piyush Goyal unveiled India's Foreign Trade Policy

neerajsingh18

Mar 31

Piyush Goyal unveiled India's Foreign Trade Policy

Union Commerce Minister Piyush Goyal recently unveiled India's Foreign Trade Policy 2023-28. The new Foreign Trade Policy is going to be effected from tomorrow, April 1, 2023. As per the Government of India the new policy is much focused on the internationalisation of trade in rupees.

No-end date of the policy:

At the time of unveiling the much-awaited Foreign Trade Policy, Commerce Ministry broke the tradition of a policy lasting for five years and will instead adopt a 'long-term' focus. There is no end date to the policy and will be updated as and when necessary.

Projection of Exports:

Directorate General of Foreign Trade Santosh Sarangi informed that India is projecting its total exports for FY 2023 to cross $760 billion as against $676 billion in 2021-22.
The new Foreign Trade Policy 2023 will boost e-commerce export that is anticipated to grow to $200-300 billion by 2023.

Benefits of New Trade Policy 2023-28:

Foreign Trade Policy 2023-28 has enclosed an amnesty scheme for one-time settlement of default in export obligation.
The dairy sector might be exempted from maintaining average export obligation and a special advance authorisation scheme also extended to apparel, and clothing, under the new foreign trade policy.
The FTP benefits are now extended to e-commerce exports that have been targeted to grow to USD 200-300 billion by 2030.
In the new FTP, Faridabad, Moradabad, Mirzapur, and Varanasi have been selected as new Towns of Export Excellence (TEE) in addition to the already existing 39 TEEs.
The department of commerce is being redesigned to make it "future-ready".
Government of India will follow up the ambition of achieving $2 trillion in exports by 2030 continuously.
The new FTP has an aim to form the Indian rupee a global currency and permit international trade settlement in the domestic currency.