Business & Policy

India’s Foreign Trade Policy Is Offering An Export Roadmap

Published: May 4, 2023
Author: DIGITAL MEDIA EXECUTIVE

India’s recently announced Foreign Trade Policy (FTP 2023), which went into effect on April 1 of this year, is evidence of the country’s policymakers’ forward-thinking and practical outlook. The initiative, which was started with the goal of reaching $2 trillion in exports by the end of this decade, lays out a path for global commerce as an important step on India’s path to become a $5 trillion economy. Various aspects of international trade have been discussed in the new policy in light of changes that have occurred over the past eight years. The new strategy places a special emphasis on increasing trade facilitation and ease of doing business while fostering cross-border trade in digital economic activity. keeping in mind in particular the Micro, Small and Medium Enterprise (MSME) sector.The MSMEs in the nation are anticipated to be significantly impacted by this strategy because they stand to gain from a number of export-promoting initiatives. E-commerce exporters now have access to all the advantages that the FTP provides to other exporters under the new trade policy. Some of the primary components of the strategy are fee reductions, the addition of duty credit schemes, duty exemptions, and remission programmes. Small businesses and MSMEs would benefit from these since they are designed to make it simpler and more economical for them to engage with and operate in international markets.

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