India to unveil new Foreign Trade Policy 2023-28 on Friday

India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade.

Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry.

Current foreign trade policy

The current foreign trade policy (2015-20) is in force till March 31, 2023.

The previous five-year policy's tenure had expired in March 2020. However, in the wake of the Covid epidemic and the ensuing lockdowns, it has been routinely extended.

The most recent extension, to March 31, 2023, was granted in September 2022.

Goyal will present the foreign trade strategy, which is anticipated to include a goal for increasing India's exports of products and services to USD 2 trillion by 2030.

The country's exports

The country's exports are projected to total USD 760 billion at the conclusion of this fiscal year, up from USD 676 billion in 2021–22.

Due to the ongoing war between Russia and Ukraine and the global trade slowdown, India's trade has been negatively impacted.

According to sources, the new policy would probably include WTO-compliant export promotion tools.

At a Mumbai event, Goyal stated that despite all the economic difficulties many nations are facing, India remains the one country that practically everyone acknowledges and respects.

With inputs from Agencies.