On March 31, the administration launched the new Foreign Trade Policy 2023 in an effort to boost exports in the face of slow global commerce. India’s new approach to foreign commerce aims to double its exports of goods and services to $2 trillion by 2030.
Although it was previously planned for the new foreign trade strategy to be in place until 2028, the Directorate General of Foreign Trade (DGFT) today declared that it has no expiration date and would be updated as and when appropriate.
The new international trade policy would replace incentives with remissions, prioritise export promotion through collaborations with exporters, states, districts, and Indian missions, and encourage ease of doing business in developing industries including Hubs for export and e-commerce would get special consideration.
