According to sources, the new foreign trade policy, which will be unveiled this month’s end, will include a vision and strategy statement for boosting international trade, focusing on topics like the changing global system, MSMEs for exports, the ecosystem for innovation and start-up businesses, products and markets, the services sector, cooperative federalism, and the inclusion of women in trade.
According to a source following the issue, the long-term policy, which has the ambitious objective of boosting exports of commodities and services to $1 trillion apiece by 2030, may also set goals for 2047, such as raising India’s share in global trade to 10% and increasing the share of exports in GDP to 25%.
Since July, India’s current fiscal year’s goods exports have declined and are currently only a slight rise over the $422 billion in exports from the previous fiscal is anticipated. The decline in demand in important Western countries, which are already dealing with high prices, rising interest rates, and uncertainty because of the ongoing Russia-Ukraine war, is what’s causing the downturn.
