The government revealed its new foreign trade policy (FTP) for 2023 on Friday, sticking to its goal of $2 trillion in goods and service exports for 2030 while moving away from incentives and towards a system based on remissions and entitlements.
The policy includes initiatives to make international trade settlement in rupee easier even with countries experiencing a currency crisis, as well as a new one-time amnesty programme for export obligation defaulters. Exports from e-commerce will benefit. Piyush Goyal, minister of commerce and industry, stated: “We need to focus more on exporting commodities. He urged both the sector and the agency to work on this, saying that it shouldn’t be the situation that goods exports are falling behind while services exports surpass $1 trillion by 2030.
He Also, it was emphasised that exports should only be done in areas where there is a competitive advantage and that the best way to succeed in any industry is to leverage assets and capacity rather than relying on subsidies. He noted that exports had already exceeded $750 billion this fiscal year and predicted that they would surpass $760 or possibly $770 billion this year, up from $670 billion in 2021–22. Together with the previous 39 towns, four additional towns—Faridabad, Mirzapur, Moradabad, and Varanasi—have been named Towns of Export Excellence (TEE). In order to increase exports at the district level, it will also collaborate with states to advance the districts as export hubs (DEH) initiative.
