The Indian government has unveiled its new Foreign Trade Policy (FTP) 2023 with the aim of promoting exports and international trade. With ambitious targets set for 2023 and 2030, the policy focuses on continuously updating measures to support the evolving needs of exporters. Commerce Minister Piyush Goyal stated that the policy emphasizes rupee-denominated overseas trade. Let’s examine the key features of FTP 2023:
Projected Export Growth Target of $760 Billion in FY 2022-23
India’s total exports for FY 2022-23 are projected to surpass $760 billion, partly due to the visionary approach of FTP 2023. The policy encourages e-commerce exports, expected to reach $200-300 billion by 2023.
Key Highlights: E-Commerce Boost and Amnesty Scheme
The amnesty scheme enables one-time settlement of default in export obligations. FTP 2023 exempts the dairy sector from average export obligations and extends an advance authorization scheme to the apparel and clothing industry.
The value limit for exports via courier services has been raised from ₹5 lakh to ₹10 lakh per consignment.
Long-Term Ambition of $2 Trillion Exports by 2030
India aims to achieve $2 trillion in exports by 2030. FTP 2023 focuses on international trade in rupees to accomplish this target.
Continuous Updates for a Dynamic Policy
FTP 2023 has no end date and will be continuously updated to address evolving export industry needs. It will shift from incentives to a remission regime through stakeholder consultations.
Export Promotion of Key Towns
Faridabad, Moradabad, Mirzapur and Varanasi have been declared towns of export excellence to boost overall exports to $770 billion in FY23.
In summary, FTP 2023 aims to promote exports and international trade in rupees with ambitious growth targets. Its dynamic nature will ensure it remains relevant in addressing global trade challenges. With its emphasis on stakeholder consultations and continuous updates, FTP 2023 will play a key role in expanding India’s global trade footprint and integrating the country deeper into the world economy.