India aims for US$ 2 trillion exports by 2030 with new Foreign Trade Policy 2023
- IBEF
- April 3, 2023
The Government of India released the Foreign Trade Policy (FTP) 2023 on March 31, 2023, which aims at raising India’s exports to US$ 2 trillion by 2030 and is set to become effective from April 1, 2023. To accomplish this, the policy suggests switching from an incentive-based system to the one based on relief and entitlements.
The new FTP does not have an end date and will be updated periodically as per the requirement.
The Director General of Foreign Trade (DGFT), Mr. Santosh Sarangi, shared a positive outlook on India's exports, stating that this fiscal year's total exports are expected to be worth US$ 760–770 billion, up from US$ 676 billion in 2021–22. According to him, the valuation cap for exports via courier service has been raised from US$ 6,056.31 (Rs. 5 lakh) to US$ 12,112.62 (Rs. 10 lakh) per consignment.
In addition to the 39 existing Towns of Export Excellence (TEEs), the recently released FTP 2023 emphasises the identification of four new TEEs: Faridabad, Moradabad, Mirzapur, and Varanasi.
One of the key features of the FTP 2023 is the extension of its benefits to e-commerce exports, which are predicted to reach US$ 200-300 billion by 2030.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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