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Image from: Indian Express

The Director General of foreign trade said that there is no end date to new foreign trade policy.

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The Directorate General of Foreign Trade (DGFT) on Friday said that there is no end date to the new foreign trade policy, it will be updated as and when required.India’s new Foreign Trade Policy 2023-28 focuses on the internationalization of trade in rupees, as stated by Union Commerce Minister Piyush Goyal. 

The new foreign trade policy, the ministry said, will mark a move from incentives to remission. It will focus on export promotion through collaboration with exporters, states, districts and Indian Missions. It will promote ease of doing business and focus on emerging areas like e-commerce and export hubs.Under the new policy, Faridabad, Moradabad, Mirzapur and Varanasi have been declared as towns of export excellence for apparels, handicrafts, handmade carpet and dari, and handloom and handicraft categories, respectively. These are in addition to the existing 39 towns under the category. FTP 2023 will encourage e-commerce exports, which is expected to grow to $200-300 billion by 2023. 

The major highlight of this policy was the internationalisation of the rupee trade. In light of the slowdown in global trade, the policy aims to boost export of India’s goods and services.The objective is to improve India’s global potential through exports. Santosh Sarangi, Directorate General of Foreign Trade (DGFT), highlighted many elements of the new trade strategy and its consequences in the current FTP 2023. In conclusion, India’s new Foreign Trade Policy 2023-28 focuses on the internationalization of trade in rupees, as stated by Union Commerce Minister Piyush Goyal. With no end date set, the policy will be updated continuously, ensuring it remains relevant and supportive of India’s export industry. The ambitious goal of reaching $2 trillion in exports by 2030 is a testament to India’s commitment to expanding its global trade footprint.

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