Minister of Commerce and Industry, Consumer Affairs and Food and Public Distribution and Textiles Piyush Goyal on Thursday released the Foreign Trade Policy 2023.
In the new Foreign Policy 2023 topics like Russia-Ukraine crisis, rising inflation, geopolitical tensions are some main key focus points.
Focus on long term plan
The new Foreign Trade Policy focuses on long term instead of the five-year period as done in the previous years. Breaking tradition the new policy doesn't have an end date and will be updated when necessary said the Directorate General of Foreign Trade, Santosh Kumar Sarangi during the release.
According to the DGFT, the total exports in financial year 2023 is projected to cross $ 760 billion. Sarangi also added that the exports int 2015-16 were at $435 billion, but in 2-22-23 they grew by 70 per cent and were at $760 billion.
The country's electronic goods export have done well as the growth was at 162 per cent.
Dairy sector to be exempted from maintaining average export obligation; special advance authorisation scheme extended to apparel, clothing.
DGFT Sarangi said that the ambition is to reach a goal of $ 2 trillion exports by 2030.
The FTP has introduced amnesty scheme for one-time settlement of default in export obligation.
The FTP also increases that value limit for exports through courier services to Rs 10 lakh from Rs 5 lakh per consignment.
DGFT Santosh Sarangi said that the country's growth rate is expected to be double the global growth. The projected GDP growth rate is expected to be at 6.5 per cent.
Trade in Indian rupee
New foreign trade policy will encourage trade in Indian rupee.
The new FTP identifies four new Towns of Export Excellence (TEE) -- Faridabad, Moradabad, Mirzapur and Varanasi -- in addition to the already existing 39 TEEs.
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