Foreign Trade Policy 2023 - Description
Dear readers, here we are offering Foreign Trade Policy 2023 pdf to all of you. The government introduced the Foreign Trade Policy (FTP) 2023 on Friday, which aims to reach the country’s exports to $ 2000 billion by 2030 by adopting an exemption and entitlement-based system instead of incentives. Union Minister of Commerce and Industry Piyush Goyal unveiled the Foreign Trade Policy 2023. The aim of the government is also that this figure of exports should be increased to more than two trillion dollars by the year 2030.
Briefing the media about FTP 2023, Director General of Foreign Trade (DGFT) Santosh Sarangi said that traditionally five-year foreign trade policy has been announced, but this latest policy has no expiry date and can be updated as per the need. The Union Minister said that this financial year there could be exports of 760 to 770 billion dollars. Exports of $ 25 billion took place in the last financial year i.e. 2022-23. This new foreign trade policy will be implemented from April 1. During this, the government has told that the growth of GDP is going to be seven percent.
Foreign Trade Policy 2023 PDF – Highlights
- The Minister referred to the interaction that Prime Minister, Shri Narendra Modi with the exporters on 06th August 2021 and encouraged them to increase exports and get more deeply involved in the global value chain. He lauded the vision and guidance of the Prime Minister who believed that given the size of the Indian economy and manufacturing & service sector base, the potential for the country to grow is manifold. He said that this vision is at the core of the policy.
- The Minister noted that the remarkable achievement in the overall export figure of crossing US$ 760 Billion in these challenging times across the world has been the result of enthusiasm and encouragement pumped in by the Prime Minister. He said that this achievement is in sync with the target set in the roadmap in 2021 after the interaction with the Prime Minister.
- He stressed that every export opportunity must be captured and utilized effectively. He also mentioned that in the next 5 months during India’s G20 presidency, there should be a massive concentrated outreach with the world both sector-wise and country-wise.
- The release of the policy was also attended by the Union Minister of State for Commerce & Industry, Smt. Anupriya Patel, Commerce Secretary, Shri Sunil Barthwal and Member Customs, Central Board of Indirect Taxes and Customs, Shri Rajiv Talwar. Director General of Foreign Trade, Shri Santosh Kumar Sarangi gave a detailed presentation on the policy.
- The Key Approach to the policy is based on these 4 pillars: (i) Incentive to Remission, (ii) Export promotion through collaboration – Exporters, States, Districts, and Indian Missions, (iii) Ease of doing business, reduction in transaction cost and e-initiatives and (iv) Emerging Areas – E-Commerce Developing Districts as Export Hubs and streamlining SCOMET policy.
- Foreign Trade Policy (2023) is a policy document that is based on the continuity of time-tested schemes facilitating exports as well as a document that is nimble and responsive to the requirements of the trade. It is based on principles of ‘trust’ and ‘partnership’ with exporters. In the FTP 2015-20, changes were done subsequent to the initial release even without the announcement of a new FTP responding dynamically to emerging situations. Hereafter, the revisions of the FTP shall be done as and when required. Incorporating feedback from Trade and Industry would also be continuous to streamline processes and update FTP, from time to time.
- The FTP 2023 aims at process re-engineering and automation to facilitate ease of doing business for exporters. It also focuses on emerging areas like dual-use high-end technology items under SCOMET, facilitating e-commerce export, and collaborating with States and Districts for export promotion.
- The new FTP is introducing a one-time Amnesty Scheme for exporters to close the old pending authorizations and start afresh.
- The FTP 2023 encourages recognition of new towns through the “Towns of Export Excellence Scheme” and exporters through the “Status Holder Scheme”. The FTP 2023 is facilitating exports by streamlining the popular Advance Authorization and EPCG schemes and enabling merchanting trade from India.
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