Fri, 09 Jun 2023

New Delhi [India], March 31 (ANI): India's new Foreign Trade Policy (FTP) will set the stage for exporters to increase the share in global trade to achieve target of USD 2 trillion by 2030 and the new policy will enhance India's resilience as also continuity and stability in India's trade, industry associations said on Friday.

The Centre on Friday unveiled India's new Foreign Trade Policy (FTP) 2023, which seeks to take country's exports to USD 2 trillion by the year 2030.

"Initiatives like reducing transaction costs and integration of e-commerce into the trade policy along with sector specific targets are pragmatic and business-like measures for taking India to the next level of global trade and goods and services. Under the leadership of Prime Minister Narendra Modi, Indian trade and industry are being empowered to aim big in the fast-evolving international market," ASSOCHAM secretary general Deepak Sood said.

Dynamic, decentralised and direction-oriented approach of new Foreign Trade Policy 2023 will lead to achieve USD 2 trillion exports by 2030, PHD Chamber of Commerce and Industry said in a statement.

New Foreign Trade Policy will enhance India's resilience in global exports competitiveness, it said.

Key elements in FTP 2023 including duration, dynamism, decentralisation, and direction would be helpful to increase resilience of India's exports in global trade environment and increase share in global exports, said Saket Dalmia, president, PHDCCI.

The chamber said there is immense potential to increase India's share in world exports from the current level of 1.8 per cent in merchandise exports and 4 per cent in service exports.

"We are happy to know that in the current year India's exports are likely to touch USD 770 billion with the support of various export promotion measures. New Foreign Trade Policy 2023 will remove uncertainties and create continuity and stability in India's Trade," said Dalmia.

Welcoming the Export Import Policy 2023, Electronics and Computer Software Export Promotion Council (ESC) Chairman Sandeep Narula said that the policy is dynamic and in line with the felt needs of the industry and exporters.

Stress on setting up a consultative mechanism for addressing concerns of the exporting community, amnesty scheme for one-time settlement of defaults in export obligations, stress on e-commerce window for exports, greater engagements with states for export promotion are among welcoming features, Narula observed.

"India needs a critical policy push and heightened commitment of the stakeholders including state governments, industry and exporting community to work towards achieving USD 2 trillion exports by 2030," he said, adding that the current pick-up in exports, which is poised to touch USD 765 billion, gives the hope that the target is well within the achievable realm.

Commerce and Industry Minister Piyush Goyal unveiled FTP 2023 which will come into effect from April 1.

International trade settlement is allowed under the new policy and changes introduced for the grant of export benefits and fulfilment of export obligation for export realizations in Indian currency as per RBI norms.

The government has been working towards making the Indian rupee a global currency and allowing international trade settlement.

The Foreign Trade Policy 2023 is aimed to provide policy continuity and a responsive framework.

Under the new policy, provisions for merchanting trade are also proposed. A merchanting transaction involves the shipment of goods from one foreign country to another foreign country involving an Indian Intermediary. (ANI)

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