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Budget News

  • New foreign trade policy to facilitate India's transition to an advanced developed economy
  • March 31,2023  17:30

  • Welcoming the new Foreign Trade Policy 2023, FICCI President Subhrakant Panda said that India's new Foreign Trade Policy reiterates government’s focus on Atmanirbhar Bharat. It will play a critical role in facilitating India’s transition to an advanced developed economy during the Amrit Kaal period as envisaged by Prime Minister Narendra Modi. The Foreign Trade Policy (FTP) will play a pivotal role in realizing the target of US$ 2 trillion exports (for merchandise and services) by the year 2030. India has launched the policy without any sunset clause that will be effective from April 1 with an aim to achieve $2 trillion goods and services exports by 2030 while encouraging trade settlements in rupee and adhere to the global principle that duties should not be exported.

    Introduction of new elements in the foreign trade policy, especially E-commerce, Internationalization of India Rupee, District Exports Hub, Merchanting Trade Reform and special one-time amnesty scheme are welcome steps. These measures will strengthen the trade ecosystem, help MSMEs integrate into Global Value Chains, unleash India’s export potential, establish India’s traditional products as global brands, thus augmenting our outbound shipments in the near future. The thrust laid on technology interface for approvals under various schemes reflects the commitment of the government in enhancing the ease of doing business.

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