India unveils foreign trade policy 2023, eyes $2t exports by 2030: ‘Modi always sets his goal high,’ says trade minister Goyal

• India Weekly Staff
• 31 March, 2023

Follow Us

By: India Weekly Staff

The Indian government on Friday (31) came out with it Foreign Trade Policy (FTP) 2023 which seeks to boost the country’s exports to $2 trillion (£1.6 trillion) by 2030 by shifting from incentives to remission and entitlement based regime.

Unlike the practice of announcing 5-year FTP, the latest policy has no end date and will be updated as and when needed, said Director General of Foreign Trade (DGFT) Santosh Sarangi while briefing media about FTP 2023.

Foreign Trade Policy 2023 जारी करते हुए PM @NarendraModi जी के नेतृत्व में भारत के बढ़ते निर्यात व व्यापार पर चर्चा की।

जिस तेज गति से हम निरंतर आगे बढ़ रहे हैं उससे ये आत्मविश्वास पैदा हुआ है कि आगे के लक्ष्यों को भी हम सभी मिलकर अपने कड़े परिश्रम से प्राप्त कर लेंगे। pic.twitter.com/JDJcXVrsSk

— Piyush Goyal (@PiyushGoyal) March 31, 2023

Earlier, India’s commerce and industry minister Piyush Goyal unveiled FTP 2023 which will come into effect on Saturday (1).

PM @NarendraModi जी कभी छोटा लक्ष्य नहीं रखते ! pic.twitter.com/2RE7X52lfp

— Piyush Goyal (@PiyushGoyal) March 31, 2023

The DGFT also said India is likely to end this fiscal year with total exports of $760-$770 billion (£614.6-£622.6 billion)as against $676 billion in 2021-22.

The last five-year policy came into force on April 1, 2015. However, it was extended several times in the wake of coronavirus outbreak and subsequent disruptions in economic activities globally. The last extension was given in September 2022 till March 31, 2023.

The new FTP identifies four new Towns of Export Excellence (TEE) — Faridabad, Moradabad, Mirzapur and Varanasi — in addition to the already existing 39 TEEs.

The FTP benefits have been extended to e-commerce exports, which are estimated to grow to $200-$300 billion (£161.7-£242.6 billion) by 2030.

The value limit for exports through courier service is being increased from Rs 5 lakh (£4,917.8) to Rs 10 lakh (£9,835.7) per consignment, he said.

The new FTP also seeks to make the Indian rupee a global currency and allow international trade settlement in the domestic currency.

The DGFT further said FTP 2023 is dynamic and responsive to the emerging trade scenario. He also said the department of commerce is being restructured to make it “future-ready”.

(PTI)