On Friday, Commerce Minister Piyush Goel announced India’s Foreign Trade Policy 2023 with the goal of increasing merchandise and services exports to $2 trillion by 2030 from the current level of $765 billion. The policy also aims to make the Indian Rupee a global currency and promote e-commerce exports.
During a media interaction, the Commerce Minister stated that India is on track to achieve its exports target by 2030, but emphasized that merchandise exports should not be outperformed by services exports. Director General of Foreign Trade Santosh Sarangi, who was also present at the announcement, predicted that India is likely to exceed $765 billion in merchandise and services exports in the current fiscal year that ends on Friday, and in the previous year, total exports reached $676 billion.
The FTP 2023 aims to move away from an ‘incentive to remission’ based regime and promote collaboration between exporters, states, districts, and Indian Missions. It seeks to reduce transaction costs, develop more export hubs, and be a dynamic and responsive trade policy without an end date. The policy extends FTP benefits to e-commerce exports, which are expected to reach $200-300 billion by 2030, and guidelines are being developed to facilitate e-commerce exports in consultation with other ministries.
Commerce Secretary Sunil Barthwal emphasized that Indian exporters need to become globally competitive and not rely on subsidies. He also stated that the FTP 2023 seeks to make the Indian Rupee a global currency for settling international trade payments, especially in countries facing currency failure or a dollar shortage. Furthermore, the policy will be regularly updated without an end date.
Post Your Comments