India’s Foreign Trade Policy (FTP) promotes rupee-based trade settlements and aspires to export $2 trillion worth of goods and services by 2030. The strategy, which will go into effect on April 1, aims to increase India’s exports and participation in the global supply chain. In order to increase exports, the government has adopted a dynamic policy without a sunset clause and will begin a “massive, focused, concentrated” global outreach in the next four to five months.
On the basis of the most recent data and anticipated export figures for FY23, he continued, “By February (2023), it appeared that we may achieve up to $760 billion…, but now we feel that we may even surpass it (to reach $765 billion or $770 billion exports in FY23).” the final day of the 2022–2023 fiscal year.
He called the accomplishment a significant one given the unfavourable geopolitical environment and emphasised that the next significant success is the 2030 target—$1 trillion in products and services by 2030. He said, making reference to the quicker rate of expansion of services, “We have to work more on goods, or by 2030 services may surpass $1 trillion putting you [merchandise exporters] behind.” Two, he said, is that the policy is practical and can be changed “as and when” necessary based on input from the field. We live in a changing world, so policy cannot be inflexible, he continued, highlighting the need for several policy actions as a result of the Covid-19 outbreak and the Ukraine crisis. “We need to be really agile.
Three, he added, indicating the goal, is that the policy has a “clear direction.”
In order to increase exports, the minister declared that India would begin a “massive, focused, concentrated” worldwide outreach within the next four to five months.
