The government aims to increase exports to over two trillion dollars by 2030. The objective of this policy is to increase the volume of foreign trade.
The Modi government in Centre took the challenge of increasing the country's exports to 2 trillion dollars by 2030. The central government released the much awaited foreign trade policy last week. Union Minister of Industry and Commerce Piyush Goyal announced the Foreign Trade Policy 2023 on 31 March, claiming that the aim of this policy is to make India a leader in international trade and export goods and services worth 2 lakh crore. The new policy will be effective from April 1, 2023. Through the new policy, India wants to move from 'incentive' to 'remission and entitlement' based export.
Foreign Trade Department Director General Santosh Sarogi said India's exports in 2021-22 were worth $676 billion. Exports may increase to 760 to 770 billion dollars in the current financial year. Notably, so far the foreign trade policy was formulated for five years. But no fixed period has been fixed this time. Instead, a long-term policy has been adopted. The last five-year policy came into effect from April 1, 2015. However, term was extended till 31st March 2023 due to the coronavirus outbreak and global economic slowdown.
A number of changes have been brought about in recent foreign policy. The process of Export Promotion Schemes has been made completely paperless and online. Under the new policy to increase international commercial transactions in Indian currency, international trade settlement will be allowed in rupee. Provision of merchandising trade will be introduced for this new system. Battery-powered electric vehicles and vertical farming equipment are considered as 'green technology products'.
Apart from the existing 39 cities, Faridabad, Moradabad, Mirzapur and Varanasi have been added to the list of 'Towns of Export Excellence' or TEE. E-commerce exporters will also get FTP benefits from now on. Courier services so far could export goods with a bill of up to Rs 5 lakh at a time. That limit has been increased to 10 lakh rupees.
The Union Minister said today that exports of goods worth 760 to 770 billion dollars can be made in the current financial year. The government aims to increase these exports to over two trillion dollars by 2030. The objective of this policy is to increase the volume of foreign trade. Increasing the income of the people and increasing foreign trade is absolutely necessary to reduce inflation. In the press conference, he said, the GDP rate is up to 7 percent in the new policy.
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