Foreign Trade Policy (FTP) 2023; released by the government on Friday, aims to raise the country’s exports to $2 trillion by 2030 by moving away from incentive-based systems and toward entitlement-based ones. Dissimilar to the act of declaring 5-year FTP, the most recent arrangement has no closure date and will be refreshed as and when required, said Chief General of Unfamiliar Exchange (DGFT) Santosh Sarangi while instructions the media about FTP 2023. Prior to this, Minister of Commerce and Industry Piyush Goyal unveiled FTP 2023, which will take effect on April 1, 2023. Read More Business News on our website.
India’s exports are expected to total $760-770 billion by the end of this fiscal year, compared to $676 billion in 2021-2022, according to the DGFT. On April 1, 2015, the last five-year policy went into effect. However, as a result of the coronavirus outbreak and subsequent disruptions to global economic activity, it was extended multiple times. The most recent extension was granted on March 31, 2023, in September 2022.
The new Foreign Trade Policy identifies four new Towns of Export Excellence (TEE) i.e Faridabad, Moradabad, Mirzapur and Varanasi, which further addition to the already existing of 39 TEES.
The FTP benefits have been reached out to online business trades, which are assessed to develop to $200-300 billion by 2030.
He stated that the value limit for exports via courier service will be raised from Rs 5 lakh to Rs 10 lakh per shipment.
The new FTP also aims to make the Indian rupee a global currency and makes it possible to settle International trade in Indian rupees. In addition, the DGFT stated that Foreign Trade Policy 2023 is dynamic and adaptable to the upcoming trade scenario.
He likewise said the branch of trade is being rebuilt to make it ‘Future-Prepared’.
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