Features of Foreign Trade Policy 2023
The foreign trade policy of 2023 is based on the principle of partnership and trust with exports. It aims to make the process of doing business easier. Important features of FTP 2023 are as follows:
- Increasing exports to $2 trillion by 2030.
- Digitalization of application process.
- Responsive and continuous framework with no end date.
- Introduction of schemes to promote exports.
- Making the Indian rupee the global currency.
- Making India a trade hub.
- Restructuring the Department of Commerce.
- Reducing the cost of transactions for exporters by 50%.
Foreign Trade Policy (FTP) 2023
Foreign Trade Policy (FTP) 2023 was recently introduced by the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. This policy, effective from April 1, 2023, aims to maintain the continuity of well-established schemes that support exports while also being adaptable and responsive to the evolving needs of trade. The policy aims to achieve a long-term vision of increasing India’s exports of goods and services to $2 trillion by 2030, which would enhance India’s share in global trade and boost its economic growth. The policy also seeks to align India’s foreign trade with its national priorities and global commitments.
In this article, we will read about Foreign Trade Policy (FTP) 2023, its impact on the future of India, challenges related to this policy, etc.
Table of Content
- What is Foreign Trade Policy 2023?
- What is India’s Foreign Trade Policy?
- Types of Foreign Trade Policy (FTP)
- Features of Foreign Trade Policy 2023
- Objectives of Foreign Trade Policy (FTP)
- Highlights of Foreign Trade Policy 2023
- Impact of Foreign Trade Policy 2023
- Challenges to the Foreign Trade Policy (FTP) 2023
- Latest News On – Foreign Trade Policy (FTP)
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