India will unveil its much-anticipated new Foreign Trade Policy 2023-28 on Friday, with the goal of increasing exports in the face of slowing global trade. According to the ministry, Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy. The current foreign trade policy (2015-20) will be in effect until March 31, 2022.
The previous five-year policy was set to expire in March 2020. However, it has been repeatedly extended in the aftermath of the Covid outbreak and subsequent lockdowns. The most recent extension was granted in September 2022 until March 31, 2023. Goyal will unveil India’s foreign trade policy, which is expected to include a vision statement aimed at increasing India’s goods and services exports to $2 trillion by 2030. The country’s total exports are expected to be $760 billion this fiscal year, up from $676 billion in 2021-22. India’s trade has been hit by supply chain disruptions and slowdown in global trade amidst ongoing Russia-Ukraine war. According to sources, the new policy will most likely include WTO-compliant export promotion measures. Speaking at an event in Mumbai, Goyal stated that, despite many countries’ economic challenges, India is a bright spot that almost everyone recognizes and respects.
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